Blasts heard in Sanaa as Saudi-led coalition warns civilians to evacuate; Houthis vow retaliation

China's counter-surveillance industry booms amid heightened espionage fears | Gravitas

Saudi Arabia strikes Yemen oil sites as Houthi missiles target Riyadh; 'limited fire' breaks out at Aramco

Navratri 2026: 9 days, 9 forms of Goddess Durga and 9 colours- Check the complete list

Trump accuses Houthis of driving up oil prices before US midterms, warns of consequences

New Delhi rejects Beijing’s claims and remarks on Ladakh location naming exercise

CMs Vijay-Naidu meet in Vijayawada, discuss water sharing, river-linking

US Midterms 2026: In Alaska, cost-of-living anxiety meets strangest ballot in high-stakes Senate race

OpenAI employee arrested by FBI after allegedly hiding recording device in office

Man dies at Six Flags Georgia: Past accidents at Six Flags amusement parks across US

1,500 drones illuminate Mumbai sky as Cordelia Cruises unveils second ship, Cordelia Sky

Pope Leo XIV diagnosed with lung cancer after surgery, Vatican says 'successful surgery and recovering'

Pakistan to chair UN-backed global Borrowers’ Platform as its own debt burden mounts, triggers sarcastic reactions on social media

Suicidal man survives jump from 11th floor in Japan, could now be tried for murder

Robot gropes girl, makes thrusting movements in bizarre crime in Germany

Trump says Republicans face equally tough fight in House and Senate midterms

France accuses Musk of ‘online harassment’ of European leaders, warns of poll interference

MI5 chief warns Russia is UK’s ‘aggressor number one’ as Iran and AI threats grow

'Turn approver, resign, we'll forgive you': Rahul Gandhi claims receiving messages from CEC Gyanesh Kumar

Inside the alleged drug-money trail behind a Mumbai couple’s properties

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

IMF World Economic Outlook: 10 economies to watch for growth in FY27 and FY28 - Where does India stand?

Marco Rubio to visit India next week, focus on energy cooperation and strategic ties

L Murugan resigns as Union Minister, expresses wish to return to grassroots

'Ouch!!! That must hurt': Kangana Ranaut hails Kamal Haasan's sharp reply to Elon Musk over Starlink row

Sidhu Moose Wala’s younger brother wins hearts by recreating late singer’s signature move at Toronto Hologram Show

Girl 'dead' for 8 hours wakes up at her own funeral, dad insists she wasn't breathing

UK school ditches technology, shifts from screen to pen and paper for learning

New OTT releases this week (October 12-18, 2026): Sacrifice, Koffee with Karan S9, Roadies Rebirth- 6 titles coming on Netflix, JioHotstar and more

Rahul Gandhi speaks on Anti-CeC protests: Gathering over tea after Supreme Court rally

Anupam Kher joins Ranbir Kapoor's Ramayana as Jatayu, new poster unveiled

Measles kills again: 6 dead in Pennsylvania as America faces its worst outbreak in decades | Gravitas

Ken Paxton's Dubai night out with two US fugitives sparks political storm as Texas Senate race tightens

Mundhe: Fight against unsafe food goes on

Cornell University suspends fraternity parties over 2024 gang rape allegations

US President Donald Trump and his family on Tuesday (May 19) received a hush-hush blanket escape from any tax audits or penalties for unpaid taxes. The Trump family received this tax break as part of the settlement after Trump withdrew his $10 billion lawsuit against the IRS. The one-page document bearing the signature of Acting Attorney General Todd Blanche was posted one day after the US Justice Department revealed the creation of a $1.776 billion "anti-weaponisation" fund, which critics warned could be used to pay out Trump allies using taxpayer dollars.<h2>Trump "FOREVER" exempt from IRS prosecution</h2>The vaguely worded document posted on the DOJ website states that the IRS is "FOREVER BARRED and PRECLUDED" from pursuing claims, examinations, or enforcement actions tied to Trump and related entities for tax filings submitted before the agreement’s effective date.Also read | <a href="https://www.wionews.com/world/one-day-after-reaffirming-unwavering-commitment-to-punishing-moscow-uk-quietly-eases-russian-oil-sanctions-as-fuel-prices-climb-india-import-1779245613212">UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow</a><h2>Controversy explodes</h2>The settlement itself stems from Trump’s earlier $10 billion lawsuit against the federal government after confidential tax documents were leaked by a contractor in 2019 and 2020.But what makes the situation politically explosive is that Trump, while serving as president, was effectively suing the very government his administration controls. That unusual dynamic has fuelled accusations of conflict of interest.Democrats call it ‘corruption in plain sight’Democratic lawmakers reacted furiously to the Trump tax break, with Senator Ron Wyden calling the agreement "another heinously corrupt act by the most corrupt administration in history," arguing that it was a violation of "law that prohibits interference by executive branch officials in IRS audits".Also read | <a href="https://www.wionews.com/world/putin-and-xi-meet-in-beijing-days-after-trump-s-china-visit-1779248512733">Putin and Xi meet in Beijing days after Trump's China visit</a>Congressman Richard Neal accused Trump of turning government into a "personal protection racket," claiming taxpayers were now funding legal settlements "while steering $1.8 billion in taxpayer dollars toward his friends, cronies, and Trump-affiliated companies," and calling the act "self-dealing at its most grotesque". &nbsp;

According to a one-page agreement signed by Acting Attorney General Todd Blanche, the IRS is allegedly “FOREVER BARRED and PRECLUDED” from pursuing claims, examinations or enforcement actions connected to Trump and family. All you need to know.

US President Donald Trump and his family on Tuesday (May 19) received a hush-hush blanket escape from any tax audits or penalties for unpaid taxes. The Trump family received this tax break as part of the settlement after Trump withdrew his $10 billion lawsuit against the IRS. The one-page document bearing the signature of Acting Attorney General Todd Blanche was posted one day after the US Justice Department revealed the creation of a $1.776 billion "anti-weaponisation" fund, which critics warned could be used to pay out Trump allies using taxpayer dollars. Trump "FOREVER" exempt from IRS prosecution The vaguely worded document posted on the DOJ website states that the IRS is "FOREVER BARRED and PRECLUDED" from pursuing claims, examinations, or enforcement actions tied to Trump and related entities for tax filings submitted before the agreement’s effective date. Also read | UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow Controversy explodes The settlement itself stems from Trump’s earlier $10 billion lawsuit against the federal government after confidential tax documents were leaked by a contractor in 2019 and 2020. But what makes the situation politically explosive is that Trump, while serving as president, was effectively suing the very government his administration controls. That unusual dynamic has fuelled accusations of conflict of interest. Democrats call it ‘corruption in plain sight’ Democratic lawmakers reacted furiously to the Trump tax break, with Senator Ron Wyden calling the agreement "another heinously corrupt act by the most corrupt administration in history," arguing that it was a violation of "law that prohibits interference by executive branch officials in IRS audits". Also read | Putin and Xi meet in Beijing days after Trump's China visit Congressman Richard Neal accused Trump of turning government into a "personal protection racket," claiming taxpayers were now funding legal settlements "while steering $1.8 billion in taxpayer dollars toward his friends, cronies, and Trump-affiliated companies," and calling the act "self-dealing at its most grotesque".

According to a one-page agreement signed by Acting Attorney General Todd Blanche, the IRS is allegedly “FOREVER BARRED and PRECLUDED” from pursuing claims, examinations or enforcement actions connected to Trump and family. All you need to know.

'Corruption in plain sight': Trump and family get ‘FOREVER’ shield from IRS audits after hush-hush settlement. All you need to know

The United Kingdom on Tuesday (May 19) loosened strict sanctions on Russian oil. This comes on the heels of the UK signing a G7 statement reaffirming its "unwavering commitment" to imposing "severe costs" on Russia for its war in Ukraine.Also read | <a href="https://www.wionews.com/india-news/-there-are-youngsters-like-cockroaches-what-made-cji-surya-kant-compare-youngsters-to-pests-supreme-court-hearing-turns-explosive-1778909973915">'There are youngsters like cockroaches': What made CJI Surya Kant compare youngsters to pests?</a><h2>Britain eases sanctions on Russian oil</h2>The British government has announced that restrictions on importing diesel and jet fuel refined from Russian crude oil in third countries would be eased, effective immediately, citing supply concerns driven by the effective closure of the Strait of Hormuz since the US-Israel campaign against Iran began in late February. Some sanctions on the transportation of Russian liquefied natural gas were also lifted under a time-limited licence running until January 1.In practice, the move reopens a critical supply line. The UK had banned imports of diesel and jet fuel refined from Russian crude in third countries since October. Easing that restriction will allow imports to resume from India, previously a major supplier to both the UK and Europe, where large quantities of Russian crude are processed. Significant volumes are also refined in Turkey.Also read | <a href="https://www.wionews.com/trending/watch-thousands-of-bees-invade-trump-s-white-house-spark-biblical-plague-buzz-online-blasphemers-will-be-dealt-with-most-definitely-1778911087678">Watch | Thousands of bees ‘invade’ Trump's White House; spark ‘biblical plague’ buzz online: 'BLASPHEMERS will be dealt with - most definitely!'</a><h2>Extra flexibilities required</h2>A spokesperson said overall sanctions had in fact been tightened, pointing to new export and import bans, restrictions on Russian uranium and a maritime services ban on Russian LNG that will gradually limit Moscow's access to UK shipping and insurance. "We are committed to strengthening our sanctions on Russia to degrade its ability to wage war in Ukraine, whilst protecting critical supply chains and maintaining market stability," the spokesperson said.The fuel situation has become increasingly acute in recent days. European jet fuel prices have more than doubled after the war began, before settling to around 50 per cent above pre-war levels. Several airlines operating in the UK have cancelled flights and raised ticket prices in response. The RAC said the average price of unleaded petrol hit 152.52 pence per litre on Monday, the highest since the conflict began.The UK's move mirrors a similar decision by the United States, which extended a waiver this week, loosening sanctions on Russian oil already loaded on vessels at sea.&nbsp;

Britain has quietly loosened key sanctions on Russian oil products, reopening imports of diesel and jet fuel refined from Russian crude in countries like India and Turkey. All you need to know

The United Kingdom on Tuesday (May 19) loosened strict sanctions on Russian oil. This comes on the heels of the UK signing a G7 statement reaffirming its "unwavering commitment" to imposing "severe costs" on Russia for its war in Ukraine. Also read | 'There are youngsters like cockroaches': What made CJI Surya Kant compare youngsters to pests? Britain eases sanctions on Russian oil The British government has announced that restrictions on importing diesel and jet fuel refined from Russian crude oil in third countries would be eased, effective immediately, citing supply concerns driven by the effective closure of the Strait of Hormuz since the US-Israel campaign against Iran began in late February. Some sanctions on the transportation of Russian liquefied natural gas were also lifted under a time-limited licence running until January 1. In practice, the move reopens a critical supply line. The UK had banned imports of diesel and jet fuel refined from Russian crude in third countries since October. Easing that restriction will allow imports to resume from India, previously a major supplier to both the UK and Europe, where large quantities of Russian crude are processed. Significant volumes are also refined in Turkey. Also read | Watch | Thousands of bees ‘invade’ Trump's White House; spark ‘biblical plague’ buzz online: 'BLASPHEMERS will be dealt with - most definitely!' Extra flexibilities required A spokesperson said overall sanctions had in fact been tightened, pointing to new export and import bans, restrictions on Russian uranium and a maritime services ban on Russian LNG that will gradually limit Moscow's access to UK shipping and insurance. "We are committed to strengthening our sanctions on Russia to degrade its ability to wage war in Ukraine, whilst protecting critical supply chains and maintaining market stability," the spokesperson said. The fuel situation has become increasingly acute in recent days. European jet fuel prices have more than doubled after the war began, before settling to around 50 per cent above pre-war levels. Several airlines operating in the UK have cancelled flights and raised ticket prices in response. The RAC said the average price of unleaded petrol hit 152.52 pence per litre on Monday, the highest since the conflict began. The UK's move mirrors a similar decision by the United States, which extended a waiver this week, loosening sanctions on Russian oil already loaded on vessels at sea.

Britain has quietly loosened key sanctions on Russian oil products, reopening imports of diesel and jet fuel refined from Russian crude in countries like India and Turkey. All you need to know

UK quietly eases Russian oil sanctions despite vowing 'unwavering' commitment to punishing Moscow

Standard Chartered is aiming to slash more than 7,000 jobs over the next four years amid an AI push as it seeks to replace “lower-value human capital” with technology and will become one of the top names in finance going for headcount cuts by adopting artificial intelligence. The bank, on Tuesday, cited AI as a driver to make its operations slimmer in its goal to increase profitability and tackle competition.&nbsp;The plan is to cut thousands of support jobs as global banks are increasingly moving towards artificial intelligence use to reduce workforce costs. The lender said it aims to reduce corporate function roles by more than 15% by 2030 while expanding the use of AI to improve operational efficiency.&nbsp;The London-headquartered bank had 52,271 employees in back-office functions at the end of last year.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/india-news/jahangir-khan-pulls-out-of-falta-contest-2-days-before-repoll-trinamool-says-succumbed-to-pressure-1779195775695">‘Pushpa bows’: Jahangir Khan pulls out of Falta contest 2 days before repoll; Trinamool says ‘succumbed to pressure’</a>&nbsp;&nbsp;As per reports, HSBC Holdings Plc and some Wall Street firms are also mulling deep job cuts over the coming years. Goldman Sachs Group Inc. President and Chief Operating Officer John Waldron recently described his firm’s traditional operations as a “human assembly line” ripe for automation.&nbsp;&nbsp;<h2>Standard Chartered shares rise 2.4% in Horn Kong</h2>&nbsp;Standard Chartered shares rose as much as 2.4% in morning trading in Hong Kong. The announcement came as the lender kicked off an investor and analyst hub in Hong Kong on Tuesday.&nbsp;&nbsp;Alongside the AI-driven restructuring and a recent reshuffle of senior management, Standard Chartered is aiming for a 3 percentage point improvement in its return on tangible equity, targeting more than 15% in 2028 and about 18% in 2030.&nbsp;The bank also expects to improve its cost-to-income ratio to 57% in 2028.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-says-media-and-democrats-would-spin-even-iranian-surrender-as-us-defeat-1779123203379">Trump says media and Democrats would spin even Iranian surrender as US defeat</a>&nbsp;The job cuts would drive productivity improvements to raise income per employee by about 20% by 2028, according to the bank.&nbsp;Corporate function roles are support roles and include positions such as risk management and regulatory compliance, according to its website.&nbsp;<h2>‘Not cost-cutting, it’s replacing lower-value human capital</h2>&nbsp;“It’s not cost-cutting. It’s replacing, in some cases, lower-value human capital with the financial capital and the investment capital we’re putting in,” CEO Bill Winters told reporters on Tuesday.&nbsp;Winters said the reduction will be driven by automation and adoption of artificial intelligence as some staff retrain.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-s-fresh-offer-insufficient-for-a-deal-risks-resumption-of-war-senior-us-official-1779121624177">Iran’s fresh offer ‘insufficient’ for a deal, risks resumption of war: Senior US official</a>&nbsp;“So, the people that want to reskill, that want ⁠to carry on, we’re giving every opportunity to reposition,” Winters said, referring to the retraining option given to impacted staff.&nbsp;Japanese lender Mizuho in March unveiled up to 5,000 job cuts over a decade. And banks globally are scrambling to integrate frontier AI models and fend off rising cyber threats.

Alongside the AI-driven restructuring, Standard Chartered is aiming for a 3 percentage point improvement in its return on tangible equity, targeting more than 15% in 2028 and about 18% in 2030. The job cuts would drive productivity improvements to raise income per employee by about 20%.

Standard Chartered is aiming to slash more than 7,000 jobs over the next four years amid an AI push as it seeks to replace “lower-value human capital” with technology and will become one of the top names in finance going for headcount cuts by adopting artificial intelligence. The bank, on Tuesday, cited AI as a driver to make its operations slimmer in its goal to increase profitability and tackle competition. The plan is to cut thousands of support jobs as global banks are increasingly moving towards artificial intelligence use to reduce workforce costs. The lender said it aims to reduce corporate function roles by more than 15% by 2030 while expanding the use of AI to improve operational efficiency. The London-headquartered bank had 52,271 employees in back-office functions at the end of last year. Also Read: ‘Pushpa bows’: Jahangir Khan pulls out of Falta contest 2 days before repoll; Trinamool says ‘succumbed to pressure’ As per reports, HSBC Holdings Plc and some Wall Street firms are also mulling deep job cuts over the coming years. Goldman Sachs Group Inc. President and Chief Operating Officer John Waldron recently described his firm’s traditional operations as a “human assembly line” ripe for automation. Standard Chartered shares rise 2.4% in Horn Kong Standard Chartered shares rose as much as 2.4% in morning trading in Hong Kong. The announcement came as the lender kicked off an investor and analyst hub in Hong Kong on Tuesday. Alongside the AI-driven restructuring and a recent reshuffle of senior management, Standard Chartered is aiming for a 3 percentage point improvement in its return on tangible equity, targeting more than 15% in 2028 and about 18% in 2030. The bank also expects to improve its cost-to-income ratio to 57% in 2028. Also Read: Trump says media and Democrats would spin even Iranian surrender as US defeat The job cuts would drive productivity improvements to raise income per employee by about 20% by 2028, according to the bank. Corporate function roles are support roles and include positions such as risk management and regulatory compliance, according to its website. ‘Not cost-cutting, it’s replacing lower-value human capital “It’s not cost-cutting. It’s replacing, in some cases, lower-value human capital with the financial capital and the investment capital we’re putting in,” CEO Bill Winters told reporters on Tuesday. Winters said the reduction will be driven by automation and adoption of artificial intelligence as some staff retrain. Also Read: Iran’s fresh offer ‘insufficient’ for a deal, risks resumption of war: Senior US official “So, the people that want to reskill, that want ⁠to carry on, we’re giving every opportunity to reposition,” Winters said, referring to the retraining option given to impacted staff. Japanese lender Mizuho in March unveiled up to 5,000 job cuts over a decade. And banks globally are scrambling to integrate frontier AI models and fend off rising cyber threats.

Alongside the AI-driven restructuring, Standard Chartered is aiming for a 3 percentage point improvement in its return on tangible equity, targeting more than 15% in 2028 and about 18% in 2030. The job cuts would drive productivity improvements to raise income per employee by about 20%.

Standard Chartered plans to cut over 7,000 jobs in AI push, will replace ‘lower-value human capital’

India's oil trade deficit is set to increase sharply in FY27 as rising crude oil prices, weakening petroleum exports and heavy dependence of the country on imported oil continuously put renewed stress on external balances, according to a report by Crisil. The report, titled "Oil's not well", highlighted India’s continued heavy dependence on imported crude, noting that more than 85 per cent of the country’s annual oil demand is met through overseas supplies. "India's crude oil trade deficit has been under the pump historically because of having to meet over 85 per cent of its annual requirement from imports," the report noted. According to the data, India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period. The report also indicated that although the oil trade deficit had narrowed during phases of lower crude prices in the past, it has once again begun to widen.&nbsp;Also read: <a href="https://www.wionews.com/india-news/us-approves-apache-m777-support-package-india-1779180087690">US approves $428 mn support package to India for Apache helicopters and M777 howitzers</a><h3>Rise in the import amount</h3>The report further noted that the rise in import amount has not been matched by growth in refined petroleum product exports, which have remained constant over the years, other than the short-term spike after the Covid-19 pandemic. It highlighted that pressure on the oil trade deficit has increased since FY24, driven by a continuous rise in imports even as refined petroleum product exports declined for two consecutive financial years. "Consequently, the oil trade deficit in dollar terms rose, despite crude oil prices trending down in that period," Crisil said, and added that this marked "a break from the past when the deficit used to narrow as crude oil prices fell". It also cautioned that the situation may deteriorate further in the current fiscal year. CRISIL projects Brent crude prices to average between USD 90 and USD 95 per barrel in FY27, sharply above the previous fiscal’s average of USD 70.3 per barrel. As a result, the report forecasts India’s current account deficit (CAD) to widen to 2.2 per cent this fiscal. "With the prospect of oil trade deficit increasing and likely pressure on remittances from West Asia, we forecast India's current account deficit (CAD) to rise to 2.2 per cent this fiscal from an estimated 0.8 per cent last fiscal," the report further said.&nbsp;

Crisil report indicated that India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period.

India's oil trade deficit is set to increase sharply in FY27 as rising crude oil prices, weakening petroleum exports and heavy dependence of the country on imported oil continuously put renewed stress on external balances, according to a report by Crisil. The report, titled "Oil's not well", highlighted India’s continued heavy dependence on imported crude, noting that more than 85 per cent of the country’s annual oil demand is met through overseas supplies. "India's crude oil trade deficit has been under the pump historically because of having to meet over 85 per cent of its annual requirement from imports," the report noted. According to the data, India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period. The report also indicated that although the oil trade deficit had narrowed during phases of lower crude prices in the past, it has once again begun to widen. Also read: US approves $428 mn support package to India for Apache helicopters and M777 howitzers Rise in the import amount The report further noted that the rise in import amount has not been matched by growth in refined petroleum product exports, which have remained constant over the years, other than the short-term spike after the Covid-19 pandemic. It highlighted that pressure on the oil trade deficit has increased since FY24, driven by a continuous rise in imports even as refined petroleum product exports declined for two consecutive financial years. "Consequently, the oil trade deficit in dollar terms rose, despite crude oil prices trending down in that period," Crisil said, and added that this marked "a break from the past when the deficit used to narrow as crude oil prices fell". It also cautioned that the situation may deteriorate further in the current fiscal year. CRISIL projects Brent crude prices to average between USD 90 and USD 95 per barrel in FY27, sharply above the previous fiscal’s average of USD 70.3 per barrel. As a result, the report forecasts India’s current account deficit (CAD) to widen to 2.2 per cent this fiscal. "With the prospect of oil trade deficit increasing and likely pressure on remittances from West Asia, we forecast India's current account deficit (CAD) to rise to 2.2 per cent this fiscal from an estimated 0.8 per cent last fiscal," the report further said.

Crisil report indicated that India's oil imports have risen steadily from nearly 190 million tonnes in FY14 to over 300 million tonnes in FY26, while exports have largely remained within a limited range during the same period.

Rising oil imports to widen India’s trade deficit in FY27, push it into dangerous zone: CRISIL

The Reserve Bank of India, in its payment systems report released on May 18, said that the stablecoins fail the core test of money- “singlesness, elasticity and integrity" of payments. It took a firm stance against stablecoins, saying that they pose a risk to jurisdictional and financial stability. The central bank argues instead that central bank digital currency (CBDC) is a valid alternative. It offers comparable efficiencies without the vulnerability of private and decentralised issuances.&nbsp;<h2>Trump is a huge backer of stablecoins</h2>This comes as there is a major push for stablecoins globally, US President Donald Trump strongly backs stablecoins as the core pillar of US financial strategy, and poses them as a tool of maintaining and extending the dominance of US dollars. In January 2025, right after taking office, Trump, through an executive order, halted the development of a US Central Bank Digital Currency, saying that it was to restrict the government surveillance mechanism and promote private builders. In July 2025, US President Donald Trump issued the Genius Act to create a clear regulatory framework for dollar-backed payment stablecoin. The issuer will be required to back the stablecoin with 1:1 reserves of cash or short-term treasuries and disclose their reserves monthly. This is primarily done to sell US debts, because compliant users must purchase a large amount of US treasuries to peg their stablecoin, so the government sees the private stablecoin as vital to US debt management.Also Read: <a href="https://www.wionews.com/world/global-bond-market-selloff-us-iran-war-yields-surge-1778923636456">Global bond market sell-off deepens as US-Iran war fears push yields to multi-year highs</a><h2>Why do stablecoins fail the test of money?&nbsp;</h2>The RBI had been sceptical about the unregulated digital assets; there had been previous efforts to ban crypto transactions, which were later overturned by the Supreme Court. The Reserve Bank argues that money should be interchangeable at par value (1:1) across the economy. The stablecoins, despite being backed by the US treasuries, which have high liquidity, are still market securities and subject to volatility. If the market value of the bond drops, the stablecoins lose their $1.00 peg.&nbsp;'The traditional monetary system, globally, rests on a two-tier banking system, wherein the central bank money-based settlement forms the edifice, while commercial banks can issue money which is beyond their reserves held, as the central bank can always provide liquidity for settlement, preventing a gridlock scenario,' read the payment systems report. The RBI is not isolated in its sentiments; many other central banks mirror it. While countries like China and the European Union are pushing for a digital yuan and a digital euro, a regulatory framework for private digital assets remains a significant challenge. Perhaps a more nuanced approach to regulation is required instead of completely discarding it. A complete disregard for private digital assets could mean missed opportunities for the burgeoning fintech sector of India.&nbsp;&nbsp;

The RBI has raised concerns over stablecoins, saying they fail the core tests of money and pose risks to financial stability, while backing CBDCs as a safer digital alternative.

The Reserve Bank of India, in its payment systems report released on May 18, said that the stablecoins fail the core test of money- “singlesness, elasticity and integrity" of payments. It took a firm stance against stablecoins, saying that they pose a risk to jurisdictional and financial stability. The central bank argues instead that central bank digital currency (CBDC) is a valid alternative. It offers comparable efficiencies without the vulnerability of private and decentralised issuances. Trump is a huge backer of stablecoins This comes as there is a major push for stablecoins globally, US President Donald Trump strongly backs stablecoins as the core pillar of US financial strategy, and poses them as a tool of maintaining and extending the dominance of US dollars. In January 2025, right after taking office, Trump, through an executive order, halted the development of a US Central Bank Digital Currency, saying that it was to restrict the government surveillance mechanism and promote private builders. In July 2025, US President Donald Trump issued the Genius Act to create a clear regulatory framework for dollar-backed payment stablecoin. The issuer will be required to back the stablecoin with 1:1 reserves of cash or short-term treasuries and disclose their reserves monthly. This is primarily done to sell US debts, because compliant users must purchase a large amount of US treasuries to peg their stablecoin, so the government sees the private stablecoin as vital to US debt management. Also Read: Global bond market sell-off deepens as US-Iran war fears push yields to multi-year highs Why do stablecoins fail the test of money? The RBI had been sceptical about the unregulated digital assets; there had been previous efforts to ban crypto transactions, which were later overturned by the Supreme Court. The Reserve Bank argues that money should be interchangeable at par value (1:1) across the economy. The stablecoins, despite being backed by the US treasuries, which have high liquidity, are still market securities and subject to volatility. If the market value of the bond drops, the stablecoins lose their $1.00 peg. 'The traditional monetary system, globally, rests on a two-tier banking system, wherein the central bank money-based settlement forms the edifice, while commercial banks can issue money which is beyond their reserves held, as the central bank can always provide liquidity for settlement, preventing a gridlock scenario,' read the payment systems report. The RBI is not isolated in its sentiments; many other central banks mirror it. While countries like China and the European Union are pushing for a digital yuan and a digital euro, a regulatory framework for private digital assets remains a significant challenge. Perhaps a more nuanced approach to regulation is required instead of completely discarding it. A complete disregard for private digital assets could mean missed opportunities for the burgeoning fintech sector of India.

The RBI has raised concerns over stablecoins, saying they fail the core tests of money and pose risks to financial stability, while backing CBDCs as a safer digital alternative.

Why RBI believes stablecoins fail the ‘singleness, elasticity and integrity’ test of money

Marc Benioff, the chief executive of Salesforce, is leading a shift in how the company approaches software development. His strategy combines a pause in hiring software engineers with increased investment in artificial intelligence tools.The company stopped hiring software engineers in 2025, citing productivity gains from AI systems. At the same time, Benioff has said Salesforce could spend nearly $300 million on Anthropic AI tokens in 2026, reflecting a change in how resources are allocated.<h2>Why Salesforce paused hiring engineers</h2>Salesforce decided to halt hiring for software engineers after reporting productivity improvements of over 30 per cent using AI tools such as Agentforce. According to Benioff, these tools have allowed existing teams to complete more work without increasing headcount. This has led the company to focus less on hiring new engineers and more on improving efficiency with AI.&nbsp;However, the hiring pause applies mainly to engineering roles. The company has continued recruitment in other areas, including plans to add 1,000 to 2,000 sales staff to support its AI products.<h2>Shift towards AI-driven development</h2>Salesforce is increasing its investment in AI to support software development tasks. The planned $300 million spend on Anthropic tokens highlights how the company is using external AI systems to assist engineers. Benioff has described this shift as a move towards “digital labour”, where AI tools take on routine coding tasks while engineers focus on higher-level work.&nbsp;The company is also building systems to manage AI usage more efficiently, routing tasks between different models depending on complexity.<h2>Engineers still play a key role</h2>Despite the hiring freeze, Salesforce continues to employ around 15,000 engineers. Benioff has clarified that AI cannot replace human developers entirely. Instead, engineers are now working alongside AI systems, supervising and guiding their output. This includes reviewing code, managing AI tools and ensuring quality. This suggests a change in the role of engineers rather than a reduction in their importance.&nbsp;<h2>Salesforce’s broader AI investment strategy</h2>Salesforce has already invested over $300 million in Anthropic and holds a stake in the company. Its AI product line, Agentforce, is also growing, with reported annual revenue reaching around $800 million. The company estimates that AI now contributes to 30 per cent to 50 per cent of its overall workload, showing how central these tools have become to its operations.<h2>What this means for the tech industry</h2>Salesforce’s approach reflects a wider trend in the technology sector, where companies are focusing on AI to improve productivity rather than expanding teams. This shift could influence hiring patterns across the industry, especially in software development roles. At the same time, it highlights the growing importance of AI tools in everyday business operations.&nbsp;Salesforce is expected to continue refining its AI strategy while maintaining its current workforce structure. The company’s focus will likely remain on improving efficiency and scaling its AI systems. For the broader industry, the move signals a transition in how companies balance human talent and artificial intelligence in software development&nbsp;&nbsp;

Marc Benioff, the chief executive of Salesforce, is leading a shift in how the company approaches software development. His strategy combines a pause in hiring software engineers with increased investment in artificial intelligence tools.


Marc Benioff, the chief executive of Salesforce, is leading a shift in how the company approaches software development. His strategy combines a pause in hiring software engineers with increased investment in artificial intelligence tools. The company stopped hiring software engineers in 2025, citing productivity gains from AI systems. At the same time, Benioff has said Salesforce could spend nearly $300 million on Anthropic AI tokens in 2026, reflecting a change in how resources are allocated. Why Salesforce paused hiring engineers Salesforce decided to halt hiring for software engineers after reporting productivity improvements of over 30 per cent using AI tools such as Agentforce. According to Benioff, these tools have allowed existing teams to complete more work without increasing headcount. This has led the company to focus less on hiring new engineers and more on improving efficiency with AI. However, the hiring pause applies mainly to engineering roles. The company has continued recruitment in other areas, including plans to add 1,000 to 2,000 sales staff to support its AI products. Shift towards AI-driven development Salesforce is increasing its investment in AI to support software development tasks. The planned $300 million spend on Anthropic tokens highlights how the company is using external AI systems to assist engineers. Benioff has described this shift as a move towards “digital labour”, where AI tools take on routine coding tasks while engineers focus on higher-level work. The company is also building systems to manage AI usage more efficiently, routing tasks between different models depending on complexity. Engineers still play a key role Despite the hiring freeze, Salesforce continues to employ around 15,000 engineers. Benioff has clarified that AI cannot replace human developers entirely. Instead, engineers are now working alongside AI systems, supervising and guiding their output. This includes reviewing code, managing AI tools and ensuring quality. This suggests a change in the role of engineers rather than a reduction in their importance. Salesforce’s broader AI investment strategy Salesforce has already invested over $300 million in Anthropic and holds a stake in the company. Its AI product line, Agentforce, is also growing, with reported annual revenue reaching around $800 million. The company estimates that AI now contributes to 30 per cent to 50 per cent of its overall workload, showing how central these tools have become to its operations. What this means for the tech industry Salesforce’s approach reflects a wider trend in the technology sector, where companies are focusing on AI to improve productivity rather than expanding teams. This shift could influence hiring patterns across the industry, especially in software development roles. At the same time, it highlights the growing importance of AI tools in everyday business operations. Salesforce is expected to continue refining its AI strategy while maintaining its current workforce structure. The company’s focus will likely remain on improving efficiency and scaling its AI systems. For the broader industry, the move signals a transition in how companies balance human talent and artificial intelligence in software development

Marc Benioff, the chief executive of Salesforce, is leading a shift in how the company approaches software development. His strategy combines a pause in hiring software engineers with increased investment in artificial intelligence tools.

Salesforce CEO Marc Benioff pauses software engineer hiring as AI spending rises

The Bill &amp; Melinda Gates Foundation has fully exited its investment in Microsoft, selling its remaining shares in the first quarter of 2026. The move marks the end of a long-standing financial link between the foundation and the company co-founded by Bill Gates.According to regulatory filings cited in reports, the foundation’s trust sold its final 7.7 million Microsoft shares, valued at approximately $3.2 billion (around Rs 26,500 crore).&nbsp;<h2>A phased exit over two years</h2>The exit did not happen all at once. It was part of a gradual reduction that began around two years ago. At that time, the foundation held about 28.5 million Microsoft shares, making it one of the largest positions in its portfolio.The biggest reduction came in the third quarter of 2025, when nearly 65 per cent of the holding was sold. The final tranche was completed in early 2026, closing the remaining position.<h2>Microsoft’s role in the foundation portfolio</h2>For many years, Microsoft stock formed a major part of the foundation’s investments. The shares largely came from donations made by Bill Gates, who founded the company with Paul Allen in 1975. The foundation’s portfolio was also supported by contributions from Warren Buffett, who donated shares through Berkshire Hathaway.At its peak in 2022, Microsoft accounted for about 27 per cent of the foundation’s total holdings, highlighting its importance in the overall investment strategy.<h2>Why the foundation sold its shares</h2>The decision to exit Microsoft is linked to a broader shift in the foundation’s strategy. Bill Gates has said that the foundation plans to spend down its endowment by 2045, rather than operate indefinitely like traditional charitable organisations. This approach requires more liquidity and diversification, as the foundation aims to increase its spending on global programmes. The foundation is expected to distribute around $9 billion (about Rs 74,700 crore) in grants in the current year alone, reflecting an accelerated pace of funding.<h2>Portfolio after the Microsoft exit</h2>Following the sale, the foundation’s investment portfolio is estimated to be worth around $31.7 billion (approximately Rs 2.63 lakh crore).The exit reduces concentration in a single company and allows the foundation to allocate resources across a broader range of investments.<h2>What this means for markets and philanthropy</h2>The move signals a shift in how large philanthropic organisations manage their investments. Instead of holding long-term stakes in a single company, there is a growing focus on diversification and liquidity.For Microsoft, the exit does not directly affect its operations, but it marks the end of a historic connection with one of its founders’ philanthropic initiatives.&nbsp;The Gates Foundation is expected to continue adjusting its investment strategy in line with its long-term goal of increasing charitable spending. As the foundation moves towards its 2045 target, further changes in asset allocation may follow, reflecting its focus on funding global health, education and development programmes.

The Bill & Melinda Gates Foundation has fully exited its investment in Microsoft, selling its remaining shares in the first quarter of 2026. The move marks the end of a long-standing financial link between the foundation and the company co-founded by Bill Gates.

The Bill & Melinda Gates Foundation has fully exited its investment in Microsoft, selling its remaining shares in the first quarter of 2026. The move marks the end of a long-standing financial link between the foundation and the company co-founded by Bill Gates. According to regulatory filings cited in reports, the foundation’s trust sold its final 7.7 million Microsoft shares, valued at approximately $3.2 billion (around Rs 26,500 crore). A phased exit over two years The exit did not happen all at once. It was part of a gradual reduction that began around two years ago. At that time, the foundation held about 28.5 million Microsoft shares, making it one of the largest positions in its portfolio. The biggest reduction came in the third quarter of 2025, when nearly 65 per cent of the holding was sold. The final tranche was completed in early 2026, closing the remaining position. Microsoft’s role in the foundation portfolio For many years, Microsoft stock formed a major part of the foundation’s investments. The shares largely came from donations made by Bill Gates, who founded the company with Paul Allen in 1975. The foundation’s portfolio was also supported by contributions from Warren Buffett, who donated shares through Berkshire Hathaway. At its peak in 2022, Microsoft accounted for about 27 per cent of the foundation’s total holdings, highlighting its importance in the overall investment strategy. Why the foundation sold its shares The decision to exit Microsoft is linked to a broader shift in the foundation’s strategy. Bill Gates has said that the foundation plans to spend down its endowment by 2045, rather than operate indefinitely like traditional charitable organisations. This approach requires more liquidity and diversification, as the foundation aims to increase its spending on global programmes. The foundation is expected to distribute around $9 billion (about Rs 74,700 crore) in grants in the current year alone, reflecting an accelerated pace of funding. Portfolio after the Microsoft exit Following the sale, the foundation’s investment portfolio is estimated to be worth around $31.7 billion (approximately Rs 2.63 lakh crore). The exit reduces concentration in a single company and allows the foundation to allocate resources across a broader range of investments. What this means for markets and philanthropy The move signals a shift in how large philanthropic organisations manage their investments. Instead of holding long-term stakes in a single company, there is a growing focus on diversification and liquidity. For Microsoft, the exit does not directly affect its operations, but it marks the end of a historic connection with one of its founders’ philanthropic initiatives. The Gates Foundation is expected to continue adjusting its investment strategy in line with its long-term goal of increasing charitable spending. As the foundation moves towards its 2045 target, further changes in asset allocation may follow, reflecting its focus on funding global health, education and development programmes.

The Bill &amp; Melinda Gates Foundation has fully exited its investment in Microsoft, selling its remaining shares in the first quarter of 2026. The move marks the end of a long-standing financial link between the foundation and the company co-founded by Bill Gates.

Gates Foundation exits Microsoft, ends long-standing investment position

The global bond market is experiencing a severe sell-off, sending yields surging to multi-year highs as surging inflation fears tied to the US-Iran war dismantle investor hopes for central bank interest rate cuts. The confluence of geopolitical distress, rising energy prices, and structural fiscal challenges has fully reversed early-2026 AI-driven market optimism.The 10-year US Treasury yield was highest in around a year on Friday, 4.595 per cent, the steepest jump. This comes two days after the government sold the 30-year bond at its highest since 2007, 5.127 per cent, as traders anticipated the Federal Reserve would be forced to hike rates to rein in inflationary pressures stemming from energy shocks. Benchmark Treasury yields are ​the government security most influential to mortgage rates.Also Read: <a href="https://www.wionews.com/photos/rupee-record-low-95-8-worst-performing-asian-currency-1778823032641">Indian rupee becomes Asia’s worst-performing currency- Who else is on the list?</a><h2>What is driving the fear of the bond market?</h2>Traders have completely unwound earlier bets that central banks like the Federal Reserve would aggressively cut interest rates in 2026. Instead, fixed-income markets are now actively pricing in a nearly 50 per cent probability that the Fed will hike interest rates later this year or in early 2027 to curb the war-driven inflation spike. The war in Iran is likely to continue to stoke higher energy prices. Investors said that the broad sell-off was the result of the US-China summit, which had no news on the West Asia situation, following which Brent Crude rose 4 per cent to exceed $109 a barrel. The soaring inflation expectations are prompting investors to look at the sovereign debt "death spiral". Further political instability in the UK and red-hot wholesale inflation made analysts predict the return of “bond vigilantes” investors who punish the government's high spending with steeper yields. The panic isn't just about bonds losing value; it is a structural "regime shift" where the cost of borrowing money globally is rapidly resetting higher. The narrative has completely pivoted from "When will the Fed cut rates?" to "How high will they have to raise them?".&nbsp;<h2>What about the spillover effect on global equities?</h2>As bond prices and yields move in opposite directions. The heavy selling of government debt has pushed the borrowing cost to severe thresholds. This has, in return, halted the momentum of the stock market. Major global stock indexes S&amp;P 500 and Nasdaq were down ​between 1 per cent and 2 per cent, a day after the conclusion of US-China summit. Typically, the market algorithm is that when the stock falls, the bond rises, but now that relationship is broken.&nbsp;“There’s a realisation that the market had gotten way ahead of itself," said Kenny Polcari, chief market strategist at Slatestone Wealth Management in Jupiter, Florida. "It wasn’t paying enough attention to what the bond market and economic data are ​telling it. It was caught up in this momentum AI trade.” Next week, another test is pending as a 20-year US Treasury action is scheduled.&nbsp;&nbsp;&nbsp;

Global bond markets are witnessing a sharp sell-off as fears of war-driven inflation and rising oil prices push US Treasury yields to multi-year highs. Investors are now pricing in possible Federal Reserve rate hikes instead of cuts.

The global bond market is experiencing a severe sell-off, sending yields surging to multi-year highs as surging inflation fears tied to the US-Iran war dismantle investor hopes for central bank interest rate cuts. The confluence of geopolitical distress, rising energy prices, and structural fiscal challenges has fully reversed early-2026 AI-driven market optimism. The 10-year US Treasury yield was highest in around a year on Friday, 4.595 per cent, the steepest jump. This comes two days after the government sold the 30-year bond at its highest since 2007, 5.127 per cent, as traders anticipated the Federal Reserve would be forced to hike rates to rein in inflationary pressures stemming from energy shocks. Benchmark Treasury yields are the government security most influential to mortgage rates. Also Read: Indian rupee becomes Asia’s worst-performing currency- Who else is on the list? What is driving the fear of the bond market? Traders have completely unwound earlier bets that central banks like the Federal Reserve would aggressively cut interest rates in 2026. Instead, fixed-income markets are now actively pricing in a nearly 50 per cent probability that the Fed will hike interest rates later this year or in early 2027 to curb the war-driven inflation spike. The war in Iran is likely to continue to stoke higher energy prices. Investors said that the broad sell-off was the result of the US-China summit, which had no news on the West Asia situation, following which Brent Crude rose 4 per cent to exceed $109 a barrel. The soaring inflation expectations are prompting investors to look at the sovereign debt "death spiral". Further political instability in the UK and red-hot wholesale inflation made analysts predict the return of “bond vigilantes” investors who punish the government's high spending with steeper yields. The panic isn't just about bonds losing value; it is a structural "regime shift" where the cost of borrowing money globally is rapidly resetting higher. The narrative has completely pivoted from "When will the Fed cut rates?" to "How high will they have to raise them?". What about the spillover effect on global equities? As bond prices and yields move in opposite directions. The heavy selling of government debt has pushed the borrowing cost to severe thresholds. This has, in return, halted the momentum of the stock market. Major global stock indexes S&P 500 and Nasdaq were down between 1 per cent and 2 per cent, a day after the conclusion of US-China summit. Typically, the market algorithm is that when the stock falls, the bond rises, but now that relationship is broken. “There’s a realisation that the market had gotten way ahead of itself," said Kenny Polcari, chief market strategist at Slatestone Wealth Management in Jupiter, Florida. "It wasn’t paying enough attention to what the bond market and economic data are telling it. It was caught up in this momentum AI trade.” Next week, another test is pending as a 20-year US Treasury action is scheduled.

Global bond markets are witnessing a sharp sell-off as fears of war-driven inflation and rising oil prices push US Treasury yields to multi-year highs. Investors are now pricing in possible Federal Reserve rate hikes instead of cuts.

Global bond market sell-off deepens as US-Iran war fears push yields to multi-year highs

SpaceX’s newly combined artificial intelligence unit, known as SpaceXAI, is witnessing a wave of employee exits following its recent merger with xAI. The company, linked to Elon Musk, has reportedly lost more than 50 researchers and engineers since February, according to reports.The development comes at a time when competition for AI talent is increasing across the industry, with several rival companies hiring from SpaceXAI.&nbsp;<h2>Senior engineers and researchers among those leaving</h2>Reports suggest that the exits include key figures working on coding, world models and voice technologies linked to Grok, the company’s AI system.Several employees have joined competitors, including Meta and Thinking Machines Lab, a firm founded by former OpenAI executive Mira Murati. At least 11 employees are said to have joined Meta, while seven have moved to Thinking Machines Lab.Earlier reports had also indicated that multiple employees, including two co-founders, left soon after the merger.<h2>Impact on core AI teams</h2>One of the main concerns is the shrinking size of SpaceXAI’s pre-training team. This team is responsible for building the initial stages of AI models, making it a critical part of the development process. The exit of team lead Juntang Zhuang and several other members has reduced the team to a small group, raising questions about the company’s ability to build new large-scale AI models.Experts note that pre-training is a foundational step in AI development, and any disruption at this stage can affect long-term progress.<h2>Reasons behind the departures</h2>Reports suggest that multiple factors may have contributed to the exits. Some employees have pointed to a demanding work culture, with tight deadlines and high expectations. Similar concerns have been raised by workers at other companies led by Musk, including Tesla. There are also indications that some employees chose to leave for financial reasons. SpaceX is known to offer share sale opportunities, allowing staff to monetise their equity. With expectations of a future public listing, some employees may have opted to exit after securing financial gains.<h2>Rising competition for AI talent</h2>The movement of employees highlights the increasing competition for skilled AI professionals. Companies such as Meta and newer AI startups are actively hiring engineers and researchers to strengthen their capabilities. This competition is shaping the industry, as firms try to attract talent with better working conditions, research opportunities and long-term incentives.<h2>What this means for SpaceXAI</h2>The recent exits raise questions about SpaceXAI’s future direction in artificial intelligence. While the merger was expected to strengthen its capabilities, the loss of key talent could affect its ability to compete with other AI companies. At the same time, the company has introduced new leadership and may look to rebuild its teams in the coming months.<h2>What happens next</h2>The situation at SpaceXAI reflects broader changes in the AI industry, where talent movement plays a key role in shaping innovation.As companies continue to invest in artificial intelligence, retaining skilled employees is becoming as important as developing new technology. The coming months will show whether SpaceXAI can stabilise its workforce and continue its AI development plans.&nbsp;

SpaceX’s newly combined artificial intelligence unit, known as SpaceXAI, is witnessing a wave of employee exits following its recent merger with xAI. The company, linked to Elon Musk, has reportedly lost more than 50 researchers and engineers since February, according to reports.

SpaceX’s newly combined artificial intelligence unit, known as SpaceXAI, is witnessing a wave of employee exits following its recent merger with xAI. The company, linked to Elon Musk, has reportedly lost more than 50 researchers and engineers since February, according to reports. The development comes at a time when competition for AI talent is increasing across the industry, with several rival companies hiring from SpaceXAI. Senior engineers and researchers among those leaving Reports suggest that the exits include key figures working on coding, world models and voice technologies linked to Grok, the company’s AI system. Several employees have joined competitors, including Meta and Thinking Machines Lab, a firm founded by former OpenAI executive Mira Murati. At least 11 employees are said to have joined Meta, while seven have moved to Thinking Machines Lab. Earlier reports had also indicated that multiple employees, including two co-founders, left soon after the merger. Impact on core AI teams One of the main concerns is the shrinking size of SpaceXAI’s pre-training team. This team is responsible for building the initial stages of AI models, making it a critical part of the development process. The exit of team lead Juntang Zhuang and several other members has reduced the team to a small group, raising questions about the company’s ability to build new large-scale AI models. Experts note that pre-training is a foundational step in AI development, and any disruption at this stage can affect long-term progress. Reasons behind the departures Reports suggest that multiple factors may have contributed to the exits. Some employees have pointed to a demanding work culture, with tight deadlines and high expectations. Similar concerns have been raised by workers at other companies led by Musk, including Tesla. There are also indications that some employees chose to leave for financial reasons. SpaceX is known to offer share sale opportunities, allowing staff to monetise their equity. With expectations of a future public listing, some employees may have opted to exit after securing financial gains. Rising competition for AI talent The movement of employees highlights the increasing competition for skilled AI professionals. Companies such as Meta and newer AI startups are actively hiring engineers and researchers to strengthen their capabilities. This competition is shaping the industry, as firms try to attract talent with better working conditions, research opportunities and long-term incentives. What this means for SpaceXAI The recent exits raise questions about SpaceXAI’s future direction in artificial intelligence. While the merger was expected to strengthen its capabilities, the loss of key talent could affect its ability to compete with other AI companies. At the same time, the company has introduced new leadership and may look to rebuild its teams in the coming months. What happens next The situation at SpaceXAI reflects broader changes in the AI industry, where talent movement plays a key role in shaping innovation. As companies continue to invest in artificial intelligence, retaining skilled employees is becoming as important as developing new technology. The coming months will show whether SpaceXAI can stabilise its workforce and continue its AI development plans.

SpaceX’s newly combined artificial intelligence unit, known as SpaceXAI, is witnessing a wave of employee exits following its recent merger with xAI. The company, linked to Elon Musk, has reportedly lost more than 50 researchers and engineers since February, according to reports.

Elon Musk’s SpaceXAI sees talent exits after merger: Why AI engineers are leaving SpaceXAI

Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect.According to official filings released in May, the disclosures show around 3,600 to 3,700 stock and ETF transactions between January and March. The total reported value of these trades is estimated to be between $220 million and $750 million, based on broad ranges provided in the forms.&nbsp;<h2>Large-scale trading across sectors</h2>The filings show that the portfolio included a mix of purchases and sales, with buying activity generally higher than selling. Much of the trading was carried out through managed accounts linked to family trusts, where brokers may have executed trades on behalf of the account holders. The data points to significant activity in sectors such as technology, artificial intelligence, defence and financial services. These sectors are often influenced by government policies, including trade decisions, regulation and public spending.<h2>Key stocks and sectors in focus</h2>The disclosures indicate investments in major technology companies and semiconductor firms. Stocks linked to artificial intelligence and chip manufacturing saw notable buying activity, including companies such as Nvidia and Apple. At the same time, there were large sales in companies like Microsoft, Amazon and Meta, even though exposure to big technology firms remained strong overall.Other areas of activity included:Defence and aerospace companies such as Boeing and Palantir Financial institutions including Bank of America and Goldman Sachs Broad market exposure through S&amp;P 500 index funds and exchange-traded fundsThis mix suggests a diversified approach, with investments spread across sectors tied to economic growth and government policy.<h2>Policy announcements and market movements</h2>During the period covered by the disclosures, several policy announcements influenced market behaviour. Decisions related to tariffs, trade negotiations and international relations contributed to both market gains and declines. For example, tariff-related announcements were followed by market volatility, while pauses or adjustments in policy often led to broader market rallies.Analysts note that some of the sectors included in the portfolio, particularly technology and defence, tend to respond quickly to such developments.<h2>Questions around timing and transparency</h2>The scale and timing of the trading activity have led to discussions among analysts and policymakers. While the disclosures provide insight into overall activity, they do not confirm whether individual trades were directly ordered by the president. Many transactions are listed as being handled by brokers or managed through trusts. This makes it difficult to determine the exact decision-making process behind each trade.In addition, the filings do not include exact transaction dates, prices or profits, as they are reported in value ranges.Limitations of the disclosure dataExperts highlight several limitations in the data:Transactions are reported in broad value rangesExact timing of trades is not disclosedSome trades may involve different financial instrumentsManaged accounts reduce clarity on direct involvementBecause of these factors, the disclosures provide an overview rather than a complete picture of financial activity.<h2>What this means for markets and governance</h2>The filings show how closely investment patterns can align with sectors influenced by government policy. For investors, the data reflects broader trends in areas such as AI, defence and financial services. For policymakers and observers, the disclosures have renewed discussions around transparency and oversight in financial reporting for public officials. As more detailed reports become available later in the year, they may offer further clarity on how financial activity and policy decisions interact in practice.&nbsp;

Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect.


Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect. According to official filings released in May, the disclosures show around 3,600 to 3,700 stock and ETF transactions between January and March. The total reported value of these trades is estimated to be between $220 million and $750 million, based on broad ranges provided in the forms. Large-scale trading across sectors The filings show that the portfolio included a mix of purchases and sales, with buying activity generally higher than selling. Much of the trading was carried out through managed accounts linked to family trusts, where brokers may have executed trades on behalf of the account holders. The data points to significant activity in sectors such as technology, artificial intelligence, defence and financial services. These sectors are often influenced by government policies, including trade decisions, regulation and public spending. Key stocks and sectors in focus The disclosures indicate investments in major technology companies and semiconductor firms. Stocks linked to artificial intelligence and chip manufacturing saw notable buying activity, including companies such as Nvidia and Apple. At the same time, there were large sales in companies like Microsoft, Amazon and Meta, even though exposure to big technology firms remained strong overall. Other areas of activity included: Defence and aerospace companies such as Boeing and Palantir Financial institutions including Bank of America and Goldman Sachs Broad market exposure through S&P 500 index funds and exchange-traded funds This mix suggests a diversified approach, with investments spread across sectors tied to economic growth and government policy. Policy announcements and market movements During the period covered by the disclosures, several policy announcements influenced market behaviour. Decisions related to tariffs, trade negotiations and international relations contributed to both market gains and declines. For example, tariff-related announcements were followed by market volatility, while pauses or adjustments in policy often led to broader market rallies. Analysts note that some of the sectors included in the portfolio, particularly technology and defence, tend to respond quickly to such developments. Questions around timing and transparency The scale and timing of the trading activity have led to discussions among analysts and policymakers. While the disclosures provide insight into overall activity, they do not confirm whether individual trades were directly ordered by the president. Many transactions are listed as being handled by brokers or managed through trusts. This makes it difficult to determine the exact decision-making process behind each trade. In addition, the filings do not include exact transaction dates, prices or profits, as they are reported in value ranges. Limitations of the disclosure data Experts highlight several limitations in the data: Transactions are reported in broad value ranges Exact timing of trades is not disclosed Some trades may involve different financial instruments Managed accounts reduce clarity on direct involvement Because of these factors, the disclosures provide an overview rather than a complete picture of financial activity. What this means for markets and governance The filings show how closely investment patterns can align with sectors influenced by government policy. For investors, the data reflects broader trends in areas such as AI, defence and financial services. For policymakers and observers, the disclosures have renewed discussions around transparency and oversight in financial reporting for public officials. As more detailed reports become available later in the year, they may offer further clarity on how financial activity and policy decisions interact in practice.

Financial disclosures linked to Donald Trump have revealed large-scale stock market activity during the first quarter of 2026, raising questions about how policy decisions and financial markets may intersect.

Trump stock trades under focus as disclosures show active market participation

Global stock markets surged on Thursday (May 14), with major Wall Street indices reaching fresh record highs as investor enthusiasm around artificial intelligence and technology stocks continued to fuel market momentum. The rally was led by strong gains in the tech sector, with Cisco Systems soaring 13.4 per cent after raising its earnings outlook. Semiconductor startup Cerebras Systems also made a powerful Nasdaq debut, surging 68.2 per cent during its first trading session. &nbsp;All three major US stock indices closed firmly higher, with the S&amp;P 500 and Nasdaq Composite ending at record highs.&nbsp;Investor attention also focused on Beijing, where Chinese President Xi Jinping welcomed US President Donald Trump with a grand state ceremony at the Great Hall of the People. The event featured military honors, a 21-gun salute, and schoolchildren chanting “Welcome!” as Trump attended the official reception. Speaking during the visit, Trump said the relationship between China and the USA is going to be better than ever before. However, Xi also delivered a warning regarding Taiwan.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/india-fuel-prices-hiked-petrol-diesel-prices-jump-by-rs-3-per-litre-as-fuel-costs-surge-1778807845685">India fuel prices hiked: Petrol, diesel prices jump Rs 3 despite govt’s ‘ample stock’ claim</a>&nbsp;"If mishandled, the two nations could collide or even come into conflict, pushing the entire China-US relationship into a highly perilous situation," Xi said, according to Chinese state media. Markets were also watching for signs of progress toward a potential US-Iran agreement that could reopen the Strait of Hormuz, a key global oil shipping route affected by tensions following the US-Iran conflict. Trump told Fox News that Xi had offered China's assistance in reopening the Hormuz Strait and had pledged not to provide military equipment to Iran. Oil prices fluctuated throughout the day before ending slightly higher.&nbsp;European markets also ended the session in positive territory. London stocks gained 0.5 percent after data showed the UK economy had a solid start to the year, though geopolitical tensions and domestic political uncertainty continued to weigh on sentiment. The British pound weakened against both the U.S. dollar and the euro as pressure mounted on Prime Minister Keir Starmer. British Health Secretary Wes Streeting resigned, while Greater Manchester Mayor Andy Burnham launched a bid to return to Parliament, fueling speculation about growing political unrest within the UK government.&nbsp;<a href="https://www.wionews.com/videos/india-austerity-measures-leaders-across-india-emulate-pm-modi-s-austerity-measures-1778809516872/embed">https://www.wionews.com/videos/india-austerity-measures-leaders-across-india-emulate-pm-modi-s-austerity-measures-1778809516872/embed</a>&nbsp;Elsewhere in Europe, Frankfurt climbed more than one percent while Paris gained 0.9 percent, supported by strength in technology shares. In Asia, markets delivered mixed performances, with Shanghai and Tokyo closing lower while Hong Kong ended the day flat.<h2>Key figures at around 2015&nbsp;GMT (1:45 AM IST)</h2><ul><li>Brent North Sea Crude:&nbsp;UP 0.1 percent at 105.72 a barrel</li><li>West Texas Intermediate: UP 0.2 percent at 101.17 a barrel</li><li>New York - DOW: UP 0.8 percent at 50,063.46 (close)</li><li>New York - S&amp;P 500: UP 0.8 percent at 7,501.24 (close)</li><li>New York - Nasdaq Composite: UP 0.9 percent at 26,635.22 (close)</li><li>London - FTSE 100: UP 0.5 percent at 10,372.93 (close)</li><li>Paris - CAC 40: UP 0.9 percent at 8,082.27 (close)</li><li>Frankfurt - DAX 30: UP 1.3 percent at 24,456.26 (close)</li><li>Tokyo - Nikkei 225: DOWN 1.0 percent at 62,654.05 (close)</li><li>Hong Kong - Hang Seng Index: FLAT at 26,389.04 (close)</li><li>Shanghai - Composite: DOWN 1.5 percent at 4,177.92&nbsp;(close)</li><li>Pound/dollar: DOWN at 1.3400 from $1.3523 on Wednesday</li><li>Euro/pound: UP at 87.09 pence from 86.61 pence</li><li>Euro/dollar: DOWN at $1.1673 from $1.1711</li><li>Dollar/yen: UP at 158.33 yen from 157.86&nbsp;yen</li></ul>

Wall Street surged to record highs on a tech rally as Donald Trump and Xi Jinping held major talks in Beijing amid global tensions

Global stock markets surged on Thursday (May 14), with major Wall Street indices reaching fresh record highs as investor enthusiasm around artificial intelligence and technology stocks continued to fuel market momentum. The rally was led by strong gains in the tech sector, with Cisco Systems soaring 13.4 per cent after raising its earnings outlook. Semiconductor startup Cerebras Systems also made a powerful Nasdaq debut, surging 68.2 per cent during its first trading session. All three major US stock indices closed firmly higher, with the S&P 500 and Nasdaq Composite ending at record highs. Investor attention also focused on Beijing, where Chinese President Xi Jinping welcomed US President Donald Trump with a grand state ceremony at the Great Hall of the People. The event featured military honors, a 21-gun salute, and schoolchildren chanting “Welcome!” as Trump attended the official reception. Speaking during the visit, Trump said the relationship between China and the USA is going to be better than ever before. However, Xi also delivered a warning regarding Taiwan. Also Read: India fuel prices hiked: Petrol, diesel prices jump Rs 3 despite govt’s ‘ample stock’ claim "If mishandled, the two nations could collide or even come into conflict, pushing the entire China-US relationship into a highly perilous situation," Xi said, according to Chinese state media. Markets were also watching for signs of progress toward a potential US-Iran agreement that could reopen the Strait of Hormuz, a key global oil shipping route affected by tensions following the US-Iran conflict. Trump told Fox News that Xi had offered China's assistance in reopening the Hormuz Strait and had pledged not to provide military equipment to Iran. Oil prices fluctuated throughout the day before ending slightly higher. European markets also ended the session in positive territory. London stocks gained 0.5 percent after data showed the UK economy had a solid start to the year, though geopolitical tensions and domestic political uncertainty continued to weigh on sentiment. The British pound weakened against both the U.S. dollar and the euro as pressure mounted on Prime Minister Keir Starmer. British Health Secretary Wes Streeting resigned, while Greater Manchester Mayor Andy Burnham launched a bid to return to Parliament, fueling speculation about growing political unrest within the UK government. https://www.wionews.com/videos/india-austerity-measures-leaders-across-india-emulate-pm-modi-s-austerity-measures-1778809516872/embed Elsewhere in Europe, Frankfurt climbed more than one percent while Paris gained 0.9 percent, supported by strength in technology shares. In Asia, markets delivered mixed performances, with Shanghai and Tokyo closing lower while Hong Kong ended the day flat. Key figures at around 2015 GMT (1:45 AM IST) Brent North Sea Crude: UP 0.1 percent at 105.72 a barrel West Texas Intermediate: UP 0.2 percent at 101.17 a barrel New York - DOW: UP 0.8 percent at 50,063.46 (close) New York - S&P 500: UP 0.8 percent at 7,501.24 (close) New York - Nasdaq Composite: UP 0.9 percent at 26,635.22 (close) London - FTSE 100: UP 0.5 percent at 10,372.93 (close) Paris - CAC 40: UP 0.9 percent at 8,082.27 (close) Frankfurt - DAX 30: UP 1.3 percent at 24,456.26 (close) Tokyo - Nikkei 225: DOWN 1.0 percent at 62,654.05 (close) Hong Kong - Hang Seng Index: FLAT at 26,389.04 (close) Shanghai - Composite: DOWN 1.5 percent at 4,177.92 (close) Pound/dollar: DOWN at 1.3400 from $1.3523 on Wednesday Euro/pound: UP at 87.09 pence from 86.61 pence Euro/dollar: DOWN at $1.1673 from $1.1711 Dollar/yen: UP at 158.33 yen from 157.86 yen

Wall Street hit record highs as tech stocks rallied while Donald Trump and Xi Jinping held high-stakes talks in Beijing amid global tensions

Trump-Xi Summit: Wall Street hits record highs as tech and AI stocks power markets

Oracle has cancelled several campus placement and pre-placement offers at India’s engineering institutes, including IITs and NITs. The move comes shortly after the company laid off around 30,000 employees globally in April, according to reports.&nbsp;Sources said affected students were informed earlier this week that their job offers had been withdrawn. The decision has created uncertainty for many freshers who had already secured positions through campus placements.&nbsp;<h2>Students affected across top institutes</h2>The impact has been reported across several institutions, including NIT Warangal, VNIT Nagpur, IIT Roorkee, IIT Hyderabad and IIT (BHU) Varanasi.Many of the affected students had received pre-placement offers (PPOs) after internships with the company. These offers are usually considered final and often prevent students from participating in further placement rounds.Students said they were informed about the cancellations through placement cells, leaving limited time to explore alternative job opportunities.&nbsp;&nbsp;<h2>‘One student, one job’ policy adds pressure</h2>Most top engineering institutes follow a “one student, one job” rule, which means once a student accepts an offer, they are not allowed to sit for other placement drives.Because of this policy, many students who accepted Oracle’s offer did not apply for other companies during campus recruitment.With the offers now revoked, these students are facing difficulty in securing new opportunities as most placement cycles have already ended.&nbsp;<h2>Reason behind offer cancellations</h2>According to sources, the cancellations are linked to internal restructuring within Oracle.The company had hired freshers for roles such as application development and server technology teams. However, one of its business units, related to health and application infrastructure, has reportedly been shut down.This closure is said to have led to the withdrawal of job offers for roles associated with that division.&nbsp;<h2>Impact of global layoffs on hiring</h2>Oracle’s decision follows a broader trend in the technology sector, where companies are adjusting hiring plans after large-scale layoffs.Industry experts note that companies often reassess workforce requirements after restructuring, which can affect campus hiring commitments.The situation highlights how global business decisions can directly impact entry-level hiring and fresh graduates.&nbsp;<h2>What this means for students and institutions</h2>The revocation of offers has raised concerns among students and placement authorities about job security during campus recruitment.Institutions may need to review policies and provide additional support to affected students, including reopening placement opportunities or connecting them with other employers. For students, the development underlines the importance of flexibility in job planning, especially in a changing job market.&nbsp;It remains unclear whether Oracle will offer alternative roles or compensation to affected students. Placement cells are expected to engage with the company and explore possible solutions. As the hiring cycle progresses, institutes may also reach out to other recruiters to create additional opportunities for impacted candidates.The situation reflects a larger shift in hiring trends, where economic conditions and business decisions continue to influence job markets globally.

Oracle has cancelled multiple campus placement and pre-placement offers (PPOs) at top Indian institutes including IITs and NITs. The move comes after large-scale global layoffs and internal restructuring, leaving many fresh graduates without job options at the final stage of placements.

Oracle has cancelled several campus placement and pre-placement offers at India’s engineering institutes, including IITs and NITs. The move comes shortly after the company laid off around 30,000 employees globally in April, according to reports. Sources said affected students were informed earlier this week that their job offers had been withdrawn. The decision has created uncertainty for many freshers who had already secured positions through campus placements. Students affected across top institutes The impact has been reported across several institutions, including NIT Warangal, VNIT Nagpur, IIT Roorkee, IIT Hyderabad and IIT (BHU) Varanasi. Many of the affected students had received pre-placement offers (PPOs) after internships with the company. These offers are usually considered final and often prevent students from participating in further placement rounds. Students said they were informed about the cancellations through placement cells, leaving limited time to explore alternative job opportunities. ‘One student, one job’ policy adds pressure Most top engineering institutes follow a “one student, one job” rule, which means once a student accepts an offer, they are not allowed to sit for other placement drives. Because of this policy, many students who accepted Oracle’s offer did not apply for other companies during campus recruitment. With the offers now revoked, these students are facing difficulty in securing new opportunities as most placement cycles have already ended. Reason behind offer cancellations According to sources, the cancellations are linked to internal restructuring within Oracle. The company had hired freshers for roles such as application development and server technology teams. However, one of its business units, related to health and application infrastructure, has reportedly been shut down. This closure is said to have led to the withdrawal of job offers for roles associated with that division. Impact of global layoffs on hiring Oracle’s decision follows a broader trend in the technology sector, where companies are adjusting hiring plans after large-scale layoffs. Industry experts note that companies often reassess workforce requirements after restructuring, which can affect campus hiring commitments. The situation highlights how global business decisions can directly impact entry-level hiring and fresh graduates. What this means for students and institutions The revocation of offers has raised concerns among students and placement authorities about job security during campus recruitment. Institutions may need to review policies and provide additional support to affected students, including reopening placement opportunities or connecting them with other employers. For students, the development underlines the importance of flexibility in job planning, especially in a changing job market. It remains unclear whether Oracle will offer alternative roles or compensation to affected students. Placement cells are expected to engage with the company and explore possible solutions. As the hiring cycle progresses, institutes may also reach out to other recruiters to create additional opportunities for impacted candidates. The situation reflects a larger shift in hiring trends, where economic conditions and business decisions continue to influence job markets globally.

Oracle has cancelled multiple campus placement and pre-placement offers (PPOs) at top Indian institutes including IITs and NITs. The move comes after large-scale global layoffs and internal restructuring, leaving many fresh graduates without job options at the final stage of placements.

Freshers hit as Oracle reportedly cancels job offers across top engineering institutes

The Reserve Bank of India (RBI) has revoked the Certificate of Registration (CoR) of 150 Non-Banking Financial Companies (NBFCs), with the largest share of cancellations involving firms based in Delhi and West Bengal, according to a central bank statement released on Thursday. A review of the RBI’s list found that nearly 67 affected NBFCs were registered in Delhi, while around 75 were based in West Bengal, mainly concentrated in Kolkata and surrounding areas. "The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies," the RBI said in its press release.<h3>Cancellations of NBFCs from different states</h3>The cancellations cover several small and medium-sized finance and investment firms involved in activities such as lending, leasing, investments, and other related financial services. Companies from Telangana, Karnataka, Madhya Pradesh, Bihar, and Haryana were also among those impacted. The RBI further said, "As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934." NBFCs are financial institutions that offer loans, investment products, and other banking-like services but operate without a banking licence. They are governed by the RBI under the RBI Act. With the cancellation of their registration, these entities are no longer permitted to function as NBFCs or carry out financial activities regulated by the central bank.&nbsp;Also read: <a href="https://www.wionews.com/world/nvidia-h200-china-ai-chip-sale-blocked-1778749708827">Why China blocked Nvidia H200 AI chip sales despite US approval and Trump’s push</a>

NBFCs are financial institutions that are governed by the RBI under the RBI Act. These institutions offer loans, investment products, and other banking-like services but operate without a banking licence. 

The Reserve Bank of India (RBI) has revoked the Certificate of Registration (CoR) of 150 Non-Banking Financial Companies (NBFCs), with the largest share of cancellations involving firms based in Delhi and West Bengal, according to a central bank statement released on Thursday. A review of the RBI’s list found that nearly 67 affected NBFCs were registered in Delhi, while around 75 were based in West Bengal, mainly concentrated in Kolkata and surrounding areas. "The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration of the following companies," the RBI said in its press release. Cancellations of NBFCs from different states The cancellations cover several small and medium-sized finance and investment firms involved in activities such as lending, leasing, investments, and other related financial services. Companies from Telangana, Karnataka, Madhya Pradesh, Bihar, and Haryana were also among those impacted. The RBI further said, "As such, the above companies shall not transact the business of a Non-Banking Financial Institution, as defined in clause (a) of Section 45-I of the RBI Act, 1934." NBFCs are financial institutions that offer loans, investment products, and other banking-like services but operate without a banking licence. They are governed by the RBI under the RBI Act. With the cancellation of their registration, these entities are no longer permitted to function as NBFCs or carry out financial activities regulated by the central bank. Also read: Why China blocked Nvidia H200 AI chip sales despite US approval and Trump’s push

NBFCs are financial institutions that are governed by the RBI under the RBI Act. These institutions offer loans, investment products, and other banking-like services but operate without a banking licence.&nbsp;

RBI revokes registration of 150 NBFCs across country, Delhi and Bengal hit hardest

The US Senate on Wednesday (May 13) confirmed Kevin Warsh as the new chairman of the Federal Reserve, placing him at the helm of a central bank facing mounting political pressure and persistently high inflation. The Senate approved Warsh in a 54-45 vote, with Republicans narrowly controlling the chamber and backing President Donald Trump’s nominee to replace Jerome Powell. Previously regarded as a strong inflation-focused policymaker, Warsh has recently aligned more closely with Trump’s calls for lower interest rates, a stance that has intensified concerns over the Federal Reserve’s independence. Warsh, who will serve a four-year term, has pledged to bring ‘regime change’ to the central bank, criticizing the Fed for becoming overly political and too transparent in its communications.&nbsp;However, with inflation remaining above the Fed’s long-term two-percent target and rising amid tensions linked to the US-Iran conflict, analysts believe Warsh may struggle to convince policymakers to cut rates quickly. That could expose him to criticism from Trump, who has repeatedly attacked Powell over interest-rate decisions."Warsh's biggest challenge will likely be dealing with President Trump," said David Wessel. "The president does not respect the independence of the Fed, and he wants interest rates to be lower."<h2>Fed independence under pressure</h2>In January, Powell revealed that a Justice Department criminal investigation into cost overruns tied to a Federal Reserve renovation project was being used to pressure monetary policy decisions. The probe followed Trump’s separate attempt to remove Fed Governor Lisa Cook from the board. The investigation into Powell has since been dropped as the administration sought to ease Warsh’s path to confirmation. Meanwhile, the Supreme Court is expected to rule on the legality of removing Cook.Both actions were ‘unprecedented’, according to Kathryn Judge, an expert in banking law. While noting that Warsh was Trump’s choice, just as Powell had once been, Judge said there was little indication the political pressure would stop. "Fed officials have been put on notice that this president is willing to use all available tools to bully them into acceding to his demands," she said.&nbsp;Also Read: <a href="https://www.wionews.com/world/hungary-summons-russian-ambassador-after-massive-drone-strikes-targeting-20-regions-across-ukraine-1778702773579">Hungary summons Russian ambassador after massive drone strikes target 20 regions across Ukraine</a><h2>Economic challenges ahead</h2>Warsh assumes leadership as the US economy continues to grapple with ongoing economic instability. The pandemic pushed inflation far beyond the Fed’s target, with consumer prices peaking at 9.1 per cent in 2022. Although inflation has eased, American households continue to struggle with elevated living costs. In April, annual inflation climbed to a three-year high of 3.8 percent, driven partly by rising oil prices linked to the US-Israel conflict with Iran.&nbsp;At the same time, the Fed must balance its mandate to maintain maximum employment. While unemployment has remained around 4.3 per cent, overall job growth has been inconsistent, with most gains concentrated in the healthcare sector. Labor shortages caused by an aging population and Trump’s deportation policies have further complicated the economic picture. The Fed now faces a difficult balancing act: raise interest rates to curb inflation or lower them to support economic growth.&nbsp;<a href="https://www.wionews.com/videos/us-intel-contradicts-trump-on-iran-30-out-of-33-iranian-launch-sites-operational-1778692513887/embed">https://www.wionews.com/videos/us-intel-contradicts-trump-on-iran-30-out-of-33-iranian-launch-sites-operational-1778692513887/embed</a><h2>A divided Federal Reserve</h2>Warsh also inherits growing divisions within the Fed’s rate-setting committee. At the central bank’s latest meeting, three members publicly suggested that additional rate hikes may be necessary to fight inflation, &nbsp;an unusually open disagreement. "One of Warsh's challenges is that the Fed does seem divided, at times along partisan lines, which is a change from the past," said Wessel. Another unusual development is that Powell plans to remain on the Federal Reserve board after stepping down as chair, marking the first time in more than 70 years that an outgoing chair has stayed on.&nbsp;US Treasury Secretary Scott Bessent welcomed Warsh’s confirmation, saying he would ‘usher in a new day’ at the Fed. Most Senate Democrats opposed the appointment, arguing that Trump’s repeated attacks threaten the central bank’s independence. "Trump wants to control interest rates, and he nominated Kevin Warsh to be his sock puppet," said Senator Elizabeth Warren. At his Senate hearing, Warsh rejected the accusation, saying he would ‘absolutely not’ be the president's puppet.

The US Senate confirms Kevin Warsh as Federal Reserve chair amid inflation challenges, Trump pressure on interest rates, and concerns over Fed independence

The US Senate on Wednesday (May 13) confirmed Kevin Warsh as the new chairman of the Federal Reserve, placing him at the helm of a central bank facing mounting political pressure and persistently high inflation. The Senate approved Warsh in a 54-45 vote, with Republicans narrowly controlling the chamber and backing President Donald Trump’s nominee to replace Jerome Powell. Previously regarded as a strong inflation-focused policymaker, Warsh has recently aligned more closely with Trump’s calls for lower interest rates, a stance that has intensified concerns over the Federal Reserve’s independence. Warsh, who will serve a four-year term, has pledged to bring ‘regime change’ to the central bank, criticizing the Fed for becoming overly political and too transparent in its communications. However, with inflation remaining above the Fed’s long-term two-percent target and rising amid tensions linked to the US-Iran conflict, analysts believe Warsh may struggle to convince policymakers to cut rates quickly. That could expose him to criticism from Trump, who has repeatedly attacked Powell over interest-rate decisions. "Warsh's biggest challenge will likely be dealing with President Trump," said David Wessel. "The president does not respect the independence of the Fed, and he wants interest rates to be lower." Fed independence under pressure In January, Powell revealed that a Justice Department criminal investigation into cost overruns tied to a Federal Reserve renovation project was being used to pressure monetary policy decisions. The probe followed Trump’s separate attempt to remove Fed Governor Lisa Cook from the board. The investigation into Powell has since been dropped as the administration sought to ease Warsh’s path to confirmation. Meanwhile, the Supreme Court is expected to rule on the legality of removing Cook. Both actions were ‘unprecedented’, according to Kathryn Judge, an expert in banking law. While noting that Warsh was Trump’s choice, just as Powell had once been, Judge said there was little indication the political pressure would stop. "Fed officials have been put on notice that this president is willing to use all available tools to bully them into acceding to his demands," she said. Also Read: Hungary summons Russian ambassador after massive drone strikes target 20 regions across Ukraine Economic challenges ahead Warsh assumes leadership as the US economy continues to grapple with ongoing economic instability. The pandemic pushed inflation far beyond the Fed’s target, with consumer prices peaking at 9.1 per cent in 2022. Although inflation has eased, American households continue to struggle with elevated living costs. In April, annual inflation climbed to a three-year high of 3.8 percent, driven partly by rising oil prices linked to the US-Israel conflict with Iran. At the same time, the Fed must balance its mandate to maintain maximum employment. While unemployment has remained around 4.3 per cent, overall job growth has been inconsistent, with most gains concentrated in the healthcare sector. Labor shortages caused by an aging population and Trump’s deportation policies have further complicated the economic picture. The Fed now faces a difficult balancing act: raise interest rates to curb inflation or lower them to support economic growth. https://www.wionews.com/videos/us-intel-contradicts-trump-on-iran-30-out-of-33-iranian-launch-sites-operational-1778692513887/embed A divided Federal Reserve Warsh also inherits growing divisions within the Fed’s rate-setting committee. At the central bank’s latest meeting, three members publicly suggested that additional rate hikes may be necessary to fight inflation, an unusually open disagreement. "One of Warsh's challenges is that the Fed does seem divided, at times along partisan lines, which is a change from the past," said Wessel. Another unusual development is that Powell plans to remain on the Federal Reserve board after stepping down as chair, marking the first time in more than 70 years that an outgoing chair has stayed on. US Treasury Secretary Scott Bessent welcomed Warsh’s confirmation, saying he would ‘usher in a new day’ at the Fed. Most Senate Democrats opposed the appointment, arguing that Trump’s repeated attacks threaten the central bank’s independence. "Trump wants to control interest rates, and he nominated Kevin Warsh to be his sock puppet," said Senator Elizabeth Warren. At his Senate hearing, Warsh rejected the accusation, saying he would ‘absolutely not’ be the president's puppet.

Kevin Warsh confirmed as Fed chair amid inflation concerns, political pressure from Donald Trump, and growing fears over Fed independence

US Senate confirms Kevin Warsh as next Federal Reserve Chair amid rising inflation

Based on the United Nations COMTRADE database on international trade, China's exports to the US were US$525.65 billion during 2024. This includes electronics, machinery, and textiles that rank among the top Chinese exports to the United States. Know which items are in the top 7 list.

Based on the United Nations COMTRADE database on international trade, China's exports to the US were US$525.65 billion during 2024. This includes electronics, machinery, and textiles that rank among the top Chinese exports to the United States. Know which items are in the top 7 list.

What does China export most to US? Top 7 biggest sectors revealed

India's spirits industry has a problem it cannot manufacture its way out of. The country generates $17.4 billion in domestic whisky market revenue annually, the highest of any nation on earth, according to data compiled by the Ministry of Food Processing Industries. It is the fifth-largest alcoholic beverage market in the world, valued at $39.3 billion in 2024. And yet, when it comes to exporting that scale, India ranks 40th globally, according to the Agricultural and Processed Food Products Export Development Authority (APEDA).In the financial year 2023-24, India exported 262,000 metric tonnes of alcoholic beverages and earned $262.1 million in return, according to MoFPI figures sourced from APEDA trade data. The United Kingdom, by comparison, ships $10.3 billion in spirits annually. France earns $6.42 billion. Mexico, $5.85 billion.The arithmetic is brutal. India exports weight. It does not export worth."It's less about proving capability and more about building sustained brand recall over time," said Arundeep Singla, Chairman and Managing Director of Alcostar Group of Companies, when asked whether Indian brands could genuinely compete on the global stage. “We're still up against international brands that have years of legacy behind them, so that recall takes time to match.”This diagnosis points to the single variable that India has consistently failed to solve, not in spirits alone, but across nearly every sector it has tried to globalise.<h2>The numbers behind the gap</h2>APEDA has set an official export target of $952.9 million, approximately $1 billion, by 2030. Against a current baseline of $262.1 million, that would require more than tripling export earnings in under six years. The trend line does not support confidence. Export value actually declined from $325 million in FY2022-23 to $262.1 million in FY2023-24, a regression that cuts directly against the narrative of linear progress.Volume told a similarly sobering story in FY2024-25: total exports fell to 221,821 metric tonnes, and rupee earnings dropped 3.93 per cent from Rs3,107.5 crore to Rs 2,985.33 crore, according to MoFPI data.India's whisky exports, drawn from the world's most prolific whisky-drinking market, stood at just $124.1 million in FY2022-23, according to MoFPI figures citing Statista. A single Scotch label moves more volume internationally in a year.The export-to-domestic market ratio sits at approximately 0.67 per cent: a country that accounts for the fifth-largest alco-bev market on earth converts less than one per cent of that domestic scale into export value.Geography compounds the problem. UAE alone absorbed 32.61 per cent of India's alco-bev exports in FY2024-25, according to APEDA data. Singapore, Kenya, Tanzania, Angola and Rwanda account for much of the remainder. These are diaspora-dependent and developing-market channels, not the mainstream premium shelves of Western Europe or North America, where brand equity is built and multiplied.<h2>Quality is no longer the question</h2>The frustrating part, as Singla framed it, is that manufacturing quality is no longer the constraint. "Quality-wise, most serious players are already working at levels that are comparable to global standards," he said. “What's more important is the growing confidence within India itself. Consumers here are far more open today, they're willing to pick a domestic brand if it delivers consistently. That kind of acceptance at home goes a long way in building credibility outside.”That domestic confidence is real and measurable. Premium growth in India is not being driven by imports alone. "A large part of premium growth in India isn't happening at the very top end," Singla observed. “It's happening in that space where people want to upgrade, but still stay within a certain budget. That's where domestic brands have a natural advantage.”But there is a significant difference between winning share in a price-sensitive domestic market and building the kind of cross-border brand narrative that commands premium margins internationally. India has achieved the former. The latter requires something the supply chain cannot produce: institutional storytelling, geographic indication protection, and sustained market access investment.<h2>The Irish blueprint India has not followed</h2>The comparison that should unsettle Indian policymakers the most is not with Scotland, a centuries-old legacy category, but with Ireland.By the 1970s, the Irish whiskey industry had nearly collapsed. It was rebuilt through aggressive geographical indication protection, now secured in more than 40 countries, including India itself as of 2019, and through a unified industry narrative that positioned Irish whiskey as a global premium category in its own right. The result was a sector now generating over $2 billion in annual exports, among the fastest-growing premium spirit categories in the world.In January 2026, the Irish Whiskey Association formally welcomed the EU-India Free Trade Agreement framework, explicitly citing it as a vehicle to deepen access to Indian premium shelves. Ireland is using trade architecture to come into India. India has no equivalent outward strategy.<h2>A structural failure that runs deeper than spirits</h2>This is not only a story about what is in the bottle. It is a story about what India does, and does not do, after the bottle is filled.&nbsp;India's overall merchandise trade deficit widened to $282.83 billion in FY2024-25, up from $241.14 billion the previous year, according to the Department of Commerce. Total goods exports were $437.42 billion against imports of $720.24 billion. The pattern, strong production capacity, weak brand monetisation, has repeated across textiles, processed foods, and pharmaceuticals, where India dominates generic volumes but remains marginal in branded premium segments.Three structural failures underpin the spirits sector's export underperformance, specifically. India has not pursued an aggressive international geographical indication strategy for Indian Whisky, Indian Rum, or heritage products such as Goa's Feni, in the manner that Ireland and Scotland have protected their categories at the trade-law level. It has no unified export promotion body for alco-bev comparable in mandate or funding to the Scotch Whisky Association or the Irish Whiskey Association. And domestic regulatory fragmentation, 28-plus state excise regimes, makes it nearly impossible to build the kind of national-scale consistency that funds serious global brand-building.<h2>The shift is real. The distance is larger</h2>Singla sees the domestic momentum and reads it as a foundation. "Indian companies are no longer just trying to catch up; they're starting to carve out their own space," he said. On the evolution of Indian consumption, a market he tracks closely, he is equally measured. "You can definitely see a shift happening, but it's not uniform yet," he noted, describing a consumer landscape that is increasingly willing to experiment but remains occasion-driven and price-conscious at its core. “India isn't following the global craft wave exactly as it is. It's adapting it based on local habits.”That adaptation seems genuine. But adapting for a domestic audience and building the brand architecture needed to compete internationally are different exercises. The first requires reading local taste, the second requires sustained investment in the kind of narrative infrastructure, GI tags, unified industry voice, presence in premium Western markets, that India has not yet systematically built.India is trying to earn global brand recall on the strength of manufacturing quality alone. It is the same strategy that has kept it a mid-tier exporter in every sector it has ever tried to globalise. The spirits industry, with its numbers now in the open, makes that argument viscerally concrete. The glass is full, but the shelf space is not.

India is the world's largest whisky revenue market at $17.4 billion, yet ranks 40th globally as an alco-bev exporter, earning just $262.1 million in FY2023-24. With a $1-billion export target by 2030, experts say the quality gap is closing, but the brand recall gap is not.

India's spirits industry has a problem it cannot manufacture its way out of. The country generates $17.4 billion in domestic whisky market revenue annually, the highest of any nation on earth, according to data compiled by the Ministry of Food Processing Industries. It is the fifth-largest alcoholic beverage market in the world, valued at $39.3 billion in 2024. And yet, when it comes to exporting that scale, India ranks 40th globally, according to the Agricultural and Processed Food Products Export Development Authority (APEDA). In the financial year 2023-24, India exported 262,000 metric tonnes of alcoholic beverages and earned $262.1 million in return, according to MoFPI figures sourced from APEDA trade data. The United Kingdom, by comparison, ships $10.3 billion in spirits annually. France earns $6.42 billion. Mexico, $5.85 billion. The arithmetic is brutal. India exports weight. It does not export worth. "It's less about proving capability and more about building sustained brand recall over time," said Arundeep Singla, Chairman and Managing Director of Alcostar Group of Companies, when asked whether Indian brands could genuinely compete on the global stage. “We're still up against international brands that have years of legacy behind them, so that recall takes time to match.” This diagnosis points to the single variable that India has consistently failed to solve, not in spirits alone, but across nearly every sector it has tried to globalise. The numbers behind the gap APEDA has set an official export target of $952.9 million, approximately $1 billion, by 2030. Against a current baseline of $262.1 million, that would require more than tripling export earnings in under six years. The trend line does not support confidence. Export value actually declined from $325 million in FY2022-23 to $262.1 million in FY2023-24, a regression that cuts directly against the narrative of linear progress. Volume told a similarly sobering story in FY2024-25: total exports fell to 221,821 metric tonnes, and rupee earnings dropped 3.93 per cent from Rs3,107.5 crore to Rs 2,985.33 crore, according to MoFPI data. India's whisky exports, drawn from the world's most prolific whisky-drinking market, stood at just $124.1 million in FY2022-23, according to MoFPI figures citing Statista. A single Scotch label moves more volume internationally in a year. The export-to-domestic market ratio sits at approximately 0.67 per cent: a country that accounts for the fifth-largest alco-bev market on earth converts less than one per cent of that domestic scale into export value. Geography compounds the problem. UAE alone absorbed 32.61 per cent of India's alco-bev exports in FY2024-25, according to APEDA data. Singapore, Kenya, Tanzania, Angola and Rwanda account for much of the remainder. These are diaspora-dependent and developing-market channels, not the mainstream premium shelves of Western Europe or North America, where brand equity is built and multiplied. Quality is no longer the question The frustrating part, as Singla framed it, is that manufacturing quality is no longer the constraint. "Quality-wise, most serious players are already working at levels that are comparable to global standards," he said. “What's more important is the growing confidence within India itself. Consumers here are far more open today, they're willing to pick a domestic brand if it delivers consistently. That kind of acceptance at home goes a long way in building credibility outside.” That domestic confidence is real and measurable. Premium growth in India is not being driven by imports alone. "A large part of premium growth in India isn't happening at the very top end," Singla observed. “It's happening in that space where people want to upgrade, but still stay within a certain budget. That's where domestic brands have a natural advantage.” But there is a significant difference between winning share in a price-sensitive domestic market and building the kind of cross-border brand narrative that commands premium margins internationally. India has achieved the former. The latter requires something the supply chain cannot produce: institutional storytelling, geographic indication protection, and sustained market access investment. The Irish blueprint India has not followed The comparison that should unsettle Indian policymakers the most is not with Scotland, a centuries-old legacy category, but with Ireland. By the 1970s, the Irish whiskey industry had nearly collapsed. It was rebuilt through aggressive geographical indication protection, now secured in more than 40 countries, including India itself as of 2019, and through a unified industry narrative that positioned Irish whiskey as a global premium category in its own right. The result was a sector now generating over $2 billion in annual exports, among the fastest-growing premium spirit categories in the world. In January 2026, the Irish Whiskey Association formally welcomed the EU-India Free Trade Agreement framework, explicitly citing it as a vehicle to deepen access to Indian premium shelves. Ireland is using trade architecture to come into India. India has no equivalent outward strategy. A structural failure that runs deeper than spirits This is not only a story about what is in the bottle. It is a story about what India does, and does not do, after the bottle is filled. India's overall merchandise trade deficit widened to $282.83 billion in FY2024-25, up from $241.14 billion the previous year, according to the Department of Commerce. Total goods exports were $437.42 billion against imports of $720.24 billion. The pattern, strong production capacity, weak brand monetisation, has repeated across textiles, processed foods, and pharmaceuticals, where India dominates generic volumes but remains marginal in branded premium segments. Three structural failures underpin the spirits sector's export underperformance, specifically. India has not pursued an aggressive international geographical indication strategy for Indian Whisky, Indian Rum, or heritage products such as Goa's Feni, in the manner that Ireland and Scotland have protected their categories at the trade-law level. It has no unified export promotion body for alco-bev comparable in mandate or funding to the Scotch Whisky Association or the Irish Whiskey Association. And domestic regulatory fragmentation, 28-plus state excise regimes, makes it nearly impossible to build the kind of national-scale consistency that funds serious global brand-building. The shift is real. The distance is larger Singla sees the domestic momentum and reads it as a foundation. "Indian companies are no longer just trying to catch up; they're starting to carve out their own space," he said. On the evolution of Indian consumption, a market he tracks closely, he is equally measured. "You can definitely see a shift happening, but it's not uniform yet," he noted, describing a consumer landscape that is increasingly willing to experiment but remains occasion-driven and price-conscious at its core. “India isn't following the global craft wave exactly as it is. It's adapting it based on local habits.” That adaptation seems genuine. But adapting for a domestic audience and building the brand architecture needed to compete internationally are different exercises. The first requires reading local taste, the second requires sustained investment in the kind of narrative infrastructure, GI tags, unified industry voice, presence in premium Western markets, that India has not yet systematically built. India is trying to earn global brand recall on the strength of manufacturing quality alone. It is the same strategy that has kept it a mid-tier exporter in every sector it has ever tried to globalise. The spirits industry, with its numbers now in the open, makes that argument viscerally concrete. The glass is full, but the shelf space is not.

India is the world's largest whisky revenue market at $17.4 billion, yet ranks 40th globally as an alco-bev exporter, earning just $262.1 million in FY2023-24. With a $1-billion export target by 2030, experts say the quality gap is closing, but the brand recall gap is not.

Analysing Whisky Paradox: India is the world's biggest consumer but 40th-largest exporter, a problem with every merchandise of India

eBay on Tuesday rejected an ambitious $56 billion takeover offer from the much ​smaller GameStop, citing concerns over the deal's financing while highlighting its own turnaround efforts that have boosted growth. Analysts ‌and investors have questioned whether the half-cash, half-stock proposal from the $12 billion video game retailer for a company nearly four times its market value could realistically be completed. eBay's shares had been trading well below the proposed offer price of $125 per share since the bid was announced earlier this month. Before the opening bell, eBay stock fell 1 per cent to $107, while GameStop shares dropped to 4 per cent. "We have ​concluded that your proposal is neither credible nor attractive," eBay chairman Paul Pressler said. "eBay's Board is confident the company, under its ​current management team, is well-positioned to continue to drive sustainable growth." GameStop did not immediately respond to requests for comment. The rejection could potentially pave the way for a hostile takeover attempt, as GameStop CEO Ryan Cohen had previously indicated he was prepared to take the proposal directly to eBay shareholders, including the possibility of calling a special meeting. Meanwhile, Cohen has claimed that he has a letter from TD Bank for a $20 billion debt financing commitment; ​however, it is contingent on the combined company having an investment-grade rating. Last week, Moody's stated that the deal would lead to negative credit for eBay. Cohen has also asserted that combining GameStop and eBay could reduce costs and find synergies to form a larger enterprise.<h3>Same cost-cutting measures</h3>He argued that he could strengthen eBay’s profitability by applying the same cost-cutting measures that helped streamline GameStop, while also leveraging its 600 US stores as a physical retail network to position eBay as a stronger competitor to Amazon. The proposed acquisition has generated significant interest in an active mergers-and-acquisitions market, particularly among retail investors who view GameStop CEO Ryan Cohen as a prominent figure following his role in the 2021 short squeeze that inflicted major losses on hedge funds such as Melvin Capital. Although both eBay and GameStop sell collectables like trading cards, their core business models differ sharply. eBay primarily generates revenue by connecting buyers and sellers online without carrying inventory, whereas GameStop purchases products wholesale and resells them through ​physical stores.&nbsp;Also read: <a href="https://www.wionews.com/world/currency-swap-lines-china-uae-dollar-dominance-1778576406988">What are currency swap lines? How it is being used to maintain dollar dominance</a>

The rejection could potentially pave the way for a hostile takeover attempt, as GameStop CEO Ryan Cohen had previously indicated he was prepared to take the proposal directly to eBay shareholders.

eBay on Tuesday rejected an ambitious $56 billion takeover offer from the much smaller GameStop, citing concerns over the deal's financing while highlighting its own turnaround efforts that have boosted growth. Analysts ‌and investors have questioned whether the half-cash, half-stock proposal from the $12 billion video game retailer for a company nearly four times its market value could realistically be completed. eBay's shares had been trading well below the proposed offer price of $125 per share since the bid was announced earlier this month. Before the opening bell, eBay stock fell 1 per cent to $107, while GameStop shares dropped to 4 per cent. "We have concluded that your proposal is neither credible nor attractive," eBay chairman Paul Pressler said. "eBay's Board is confident the company, under its current management team, is well-positioned to continue to drive sustainable growth." GameStop did not immediately respond to requests for comment. The rejection could potentially pave the way for a hostile takeover attempt, as GameStop CEO Ryan Cohen had previously indicated he was prepared to take the proposal directly to eBay shareholders, including the possibility of calling a special meeting. Meanwhile, Cohen has claimed that he has a letter from TD Bank for a $20 billion debt financing commitment; however, it is contingent on the combined company having an investment-grade rating. Last week, Moody's stated that the deal would lead to negative credit for eBay. Cohen has also asserted that combining GameStop and eBay could reduce costs and find synergies to form a larger enterprise. Same cost-cutting measures He argued that he could strengthen eBay’s profitability by applying the same cost-cutting measures that helped streamline GameStop, while also leveraging its 600 US stores as a physical retail network to position eBay as a stronger competitor to Amazon. The proposed acquisition has generated significant interest in an active mergers-and-acquisitions market, particularly among retail investors who view GameStop CEO Ryan Cohen as a prominent figure following his role in the 2021 short squeeze that inflicted major losses on hedge funds such as Melvin Capital. Although both eBay and GameStop sell collectables like trading cards, their core business models differ sharply. eBay primarily generates revenue by connecting buyers and sellers online without carrying inventory, whereas GameStop purchases products wholesale and resells them through physical stores. Also read: What are currency swap lines? How it is being used to maintain dollar dominance

The rejection could potentially pave the way for a hostile takeover attempt, as GameStop CEO Ryan Cohen had previously indicated he was prepared to take the proposal directly to eBay shareholders.

Game over? eBay turns down GameStop’s massive $56 billion offer: Here's what it means

Gold is drawing attention from both investors and luxury brands as global economic conditions remain uncertain. Earlier seen as a safe asset, gold is now playing a larger role not just in investment portfolios but also in the luxury goods market, especially jewellery and high-end accessories.Industry reports show that gold prices have remained strong in recent months, supported by global factors such as inflation concerns, currency fluctuations and geopolitical risks. This has led to increased interest from institutional investors as well as luxury companies that rely on gold as a key raw material.<h2>Gold as a safe investment option</h2>Gold has long been considered a stable investment during uncertain times. When markets become volatile, investors often move funds into gold to protect value.According to market analysts, central banks across several countries have also increased their gold reserves in recent years. This trend has added further support to prices and strengthened gold’s position as a reliable asset.For individual investors, gold is seen as a hedge against inflation and currency depreciation, making it an important part of diversified portfolios.<h2>Impact on luxury brands and pricing</h2>Luxury brands, particularly in jewellery and watchmaking, are directly affected by changes in gold prices. As the cost of raw materials rises, companies may need to adjust product pricing.However, demand for luxury goods has remained stable among high-net-worth consumers. In some cases, higher gold prices can even enhance the perceived value of products, as gold continues to be associated with wealth and long-term value.Brands are also focusing on efficient sourcing and inventory management to manage cost fluctuations.<h2>Changing consumer demand patterns</h2>Consumer behaviour is also evolving. Buyers are increasingly looking at gold not just as jewellery but also as an investment.In markets like India and China, gold continues to play a cultural and financial role. Seasonal demand during festivals and weddings also contributes to steady consumption.At the same time, younger consumers are showing interest in lighter, more design-focused gold products, reflecting a shift in preferences.Role of global economic trendsGlobal economic factors are playing a key role in shaping gold demand. These include:Inflation and interest rate movementsCurrency fluctuations, especially the US dollarGeopolitical tensionsWhen uncertainty increases, gold often becomes more attractive compared to other assets.Experts note that these factors are likely to continue influencing gold prices in the near term.<h2>Investment and portfolio diversification</h2>Financial advisers often recommend gold as part of a balanced investment strategy. It helps reduce overall risk by providing stability when equity markets fluctuate.Investment options have also expanded beyond physical gold to include:Gold exchange-traded funds (ETFs)Sovereign gold bondsDigital gold platformsThese options have made it easier for investors to access gold markets.<h2>What this means for the market</h2>The growing interest in gold from both investors and luxury brands reflects its dual role as a financial asset and a premium material. While price movements may continue to fluctuate, the overall demand for gold remains supported by both economic and consumer factors.As global conditions evolve, gold is likely to remain an important indicator of market sentiment as well as a key element in the luxury industry

Gold is once again drawing attention from both investors and luxury brands as global economic conditions remain uncertain. Earlier seen as a safe asset, gold is now playing a larger role not just in investment portfolios but also in the luxury goods market.

Gold is drawing attention from both investors and luxury brands as global economic conditions remain uncertain. Earlier seen as a safe asset, gold is now playing a larger role not just in investment portfolios but also in the luxury goods market, especially jewellery and high-end accessories. Industry reports show that gold prices have remained strong in recent months, supported by global factors such as inflation concerns, currency fluctuations and geopolitical risks. This has led to increased interest from institutional investors as well as luxury companies that rely on gold as a key raw material. Gold as a safe investment option Gold has long been considered a stable investment during uncertain times. When markets become volatile, investors often move funds into gold to protect value. According to market analysts, central banks across several countries have also increased their gold reserves in recent years. This trend has added further support to prices and strengthened gold’s position as a reliable asset. For individual investors, gold is seen as a hedge against inflation and currency depreciation, making it an important part of diversified portfolios. Impact on luxury brands and pricing Luxury brands, particularly in jewellery and watchmaking, are directly affected by changes in gold prices. As the cost of raw materials rises, companies may need to adjust product pricing. However, demand for luxury goods has remained stable among high-net-worth consumers. In some cases, higher gold prices can even enhance the perceived value of products, as gold continues to be associated with wealth and long-term value. Brands are also focusing on efficient sourcing and inventory management to manage cost fluctuations. Changing consumer demand patterns Consumer behaviour is also evolving. Buyers are increasingly looking at gold not just as jewellery but also as an investment. In markets like India and China, gold continues to play a cultural and financial role. Seasonal demand during festivals and weddings also contributes to steady consumption. At the same time, younger consumers are showing interest in lighter, more design-focused gold products, reflecting a shift in preferences. Role of global economic trends Global economic factors are playing a key role in shaping gold demand. These include: Inflation and interest rate movements Currency fluctuations, especially the US dollar Geopolitical tensions When uncertainty increases, gold often becomes more attractive compared to other assets. Experts note that these factors are likely to continue influencing gold prices in the near term. Investment and portfolio diversification Financial advisers often recommend gold as part of a balanced investment strategy. It helps reduce overall risk by providing stability when equity markets fluctuate. Investment options have also expanded beyond physical gold to include: Gold exchange-traded funds (ETFs) Sovereign gold bonds Digital gold platforms These options have made it easier for investors to access gold markets. What this means for the market The growing interest in gold from both investors and luxury brands reflects its dual role as a financial asset and a premium material. While price movements may continue to fluctuate, the overall demand for gold remains supported by both economic and consumer factors. As global conditions evolve, gold is likely to remain an important indicator of market sentiment as well as a key element in the luxury industry

Gold is once again drawing attention from both investors and luxury brands as global economic conditions remain uncertain. Earlier seen as a safe asset, gold is now playing a larger role not just in investment portfolios but also in the luxury goods market.

‘Gold demand’: Key reasons luxury brands and investors are watching closely

US President Donald Trump expects a "big, fat hug" from his Chinese counterpart, Xi Jinping, when they meet in Beijing this week. The US President will be in China from May 13 to 15. The meeting will be the seventh Trump and Xi face-to-face meeting, and the first trip by a US leader to China in 2017. The three-day summit is expected to focus on the US-Israel war on Iran, trade and the status of Taiwan.Trump and Xi’s relationship has always been a curious blend of personal flattery and strategic hostility, warm handshakes often followed by economic warfare. Let's take a look at the Trump-Xi equation over the years.Also read | <a href="https://www.wionews.com/world/pakistan-two-timed-trump-report-reveals-islamabad-quietly-sheltered-iranian-military-aircraft-while-brokering-peace-talks-1778551810479">Pakistan two-timed Trump? Report REVEALS Islamabad quietly sheltered Iranian military aircraft while playing mediator in Iran war</a><h2>2017: First meeting to first shots fired in US-China trade war</h2>The two leaders first met at Trump's private Mar-a-Lago resort on April 6, 2017, during the Republicans' first term. The meeting was offset by Trump breaking decades of diplomatic precedent set in 1979 when Washington cut off relations with Taiwan and talking to the nation's President Tsai Ing-wen for a congratulatory phone call. However, despite that, the two appeared to build a personal rapport and later Trump claimed that they had made "tremendous progress" towards improving US-China relations.In July 2017, the two leaders met in Hamburg, Germany, on the sidelines of the G20 summit, where they discussed North Korea’s nuclear programme and economic ties. Just a month later, the US fired the first shot in the US-China trade war by launching an investigation into alleged theft of US intellectual property and finally invoking Section 301 of the Trade Act of 1974. With this, the White House laid the groundwork to impose punitive tariffs on China.By November that year, Trump was in Beijing enjoying full state-visit pageantry, from the Forbidden City to lavish banquets, while touting major business deals. Then came tariffs.<h2>Trade war years: smiles, then sanctions</h2>From Hamburg to Buenos Aires (Dec 2018) to Osaka (June 2019), Trump and Xi repeatedly met on the sidelines of global summits, often using personal diplomacy to cool tensions temporarily.But beneath each handshake, the trade war deepened. Trump launched Section 301 investigations, imposed tariffs on hundreds of billions in Chinese goods, and targeted firms like Huawei and ZTE. China retaliated in kind, imposing tariffs on $110bn worth of US goods.Eventually, months later, the two nations signed a “phase one” trade deal, under which Washington agreed to roll back several tariffs, and Beijing pledged to buy $200bn worth of US goods and services. However, the trade deal never fully delivered on its promises, and China did not meet its purchase commitments during the required timeframe.<h2>2025: Reunion after six years</h2>Their October 2025 meeting in Busan marked their first in-person encounter in six years, coming after tariff levels between both countries had exploded past 100 per cent - the US had imposed 145 per cent duties on China, in return, Beijing imposed 125 per cent duties on Washington. That summit produced a one-year truce, a pause in the trade war.<h2>2026: Why Beijing matters now</h2>This week’s summit comes at an even more turbulent moment as the US-Israel-Iran conflict, Taiwan tensions, technology restrictions, and global supply chain stress all raise the stakes far beyond trade deficits.Trump may joke about hugs, but this meeting could shape whether the US-China rivalry stabilises, worsens, or simply gets postponed again. Notably, history suggests one thing clearly: when it comes to Trump and Xi, personal chemistry has never guaranteed political calm. Sometimes, it has simply bought time before the next fight. &nbsp;

Trump says he expects a “big, fat hug” from Xi in Beijing, but history suggests the Trump-Xi relationship is usually less bromance, more handshake before the next geopolitical brawl. Let's take a look at their equation. Scroll down.

US President Donald Trump expects a "big, fat hug" from his Chinese counterpart, Xi Jinping, when they meet in Beijing this week. The US President will be in China from May 13 to 15. The meeting will be the seventh Trump and Xi face-to-face meeting, and the first trip by a US leader to China in 2017. The three-day summit is expected to focus on the US-Israel war on Iran, trade and the status of Taiwan. Trump and Xi’s relationship has always been a curious blend of personal flattery and strategic hostility, warm handshakes often followed by economic warfare. Let's take a look at the Trump-Xi equation over the years. Also read | Pakistan two-timed Trump? Report REVEALS Islamabad quietly sheltered Iranian military aircraft while playing mediator in Iran war 2017: First meeting to first shots fired in US-China trade war The two leaders first met at Trump's private Mar-a-Lago resort on April 6, 2017, during the Republicans' first term. The meeting was offset by Trump breaking decades of diplomatic precedent set in 1979 when Washington cut off relations with Taiwan and talking to the nation's President Tsai Ing-wen for a congratulatory phone call. However, despite that, the two appeared to build a personal rapport and later Trump claimed that they had made "tremendous progress" towards improving US-China relations. In July 2017, the two leaders met in Hamburg, Germany, on the sidelines of the G20 summit, where they discussed North Korea’s nuclear programme and economic ties. Just a month later, the US fired the first shot in the US-China trade war by launching an investigation into alleged theft of US intellectual property and finally invoking Section 301 of the Trade Act of 1974. With this, the White House laid the groundwork to impose punitive tariffs on China. By November that year, Trump was in Beijing enjoying full state-visit pageantry, from the Forbidden City to lavish banquets, while touting major business deals. Then came tariffs. Trade war years: smiles, then sanctions From Hamburg to Buenos Aires (Dec 2018) to Osaka (June 2019), Trump and Xi repeatedly met on the sidelines of global summits, often using personal diplomacy to cool tensions temporarily. But beneath each handshake, the trade war deepened. Trump launched Section 301 investigations, imposed tariffs on hundreds of billions in Chinese goods, and targeted firms like Huawei and ZTE. China retaliated in kind, imposing tariffs on $110bn worth of US goods. Eventually, months later, the two nations signed a “phase one” trade deal, under which Washington agreed to roll back several tariffs, and Beijing pledged to buy $200bn worth of US goods and services. However, the trade deal never fully delivered on its promises, and China did not meet its purchase commitments during the required timeframe. 2025: Reunion after six years Their October 2025 meeting in Busan marked their first in-person encounter in six years, coming after tariff levels between both countries had exploded past 100 per cent - the US had imposed 145 per cent duties on China, in return, Beijing imposed 125 per cent duties on Washington. That summit produced a one-year truce, a pause in the trade war. 2026: Why Beijing matters now This week’s summit comes at an even more turbulent moment as the US-Israel-Iran conflict, Taiwan tensions, technology restrictions, and global supply chain stress all raise the stakes far beyond trade deficits. Trump may joke about hugs, but this meeting could shape whether the US-China rivalry stabilises, worsens, or simply gets postponed again. Notably, history suggests one thing clearly: when it comes to Trump and Xi, personal chemistry has never guaranteed political calm. Sometimes, it has simply bought time before the next fight.

Trump says he expects a “big, fat hug” from Xi in Beijing, but history suggests the Trump-Xi relationship is usually less bromance, more handshake before the next geopolitical brawl. Let's take a look at their equation. Scroll down.

The ultimate frenemies? From ‘big, fat hug’ to bitter trade wars, analysing a decade of Trump-Xi rollercoaster equation

The Government of India, in a significant energy policy reset, has reduced the royalty rates on the production of crude oil and natural gas across multiple categories of fields, including deepwater and ultra-deepwater blocks. This comes as disruptions due to the West Asia conflict continue to disrupt global supply chains and fuel import concerns and as Prime Minister Narendra Modi urged Indians to reduce dependence on imported goods, cut fuel consumption, avoid unnecessary foreign exchange spending, and embrace "Vocal for Local."Also read | <a href="https://www.wionews.com/world/pakistan-two-timed-trump-report-reveals-islamabad-quietly-sheltered-iranian-military-aircraft-while-brokering-peace-talks-1778551810479">Pakistan two-timed Trump? Report REVEALS Islamabad quietly sheltered Iranian military aircraft while playing mediator in Iran war</a><h2>Royalty rates reduced</h2>The Centre has sharply reduced royalty rates on crude oil and natural gas production, in what is being seen as a direct push to boost domestic exploration at a time when global energy anxieties are intensifying.The revised framework, notified by the Ministry of Petroleum and Natural Gas on May 8, lowers effective royalty on onshore crude oil production to 10 per cent and offshore crude production to 8 per cent. For natural gas, royalty has been cut to 8 per cent through a new flat deduction formula that changes how "well head price" is calculated.In simpler terms, India is making it cheaper and more attractive for companies to drill at home, especially in technically difficult and expensive fields.<h2>Why now?</h2>The timing is hard to miss; on Monday (May 11), PM Modi urged Indians to avoid personal activities that incur expenditure in foreign exchange. He also advised people to use less petrol and diesel and use public transport more often. While Modi's message triggered panic, the broader message was that India wants to shield itself from external shocks by tightening domestic economic resilience, and energy is central to that strategy.Also read | <a href="https://www.wionews.com/india-news/new-tamil-nadu-cm-vijay-orders-closure-of-717-liquor-shops-near-schools-temples-and-bus-stands-1778561237334">Tamil Nadu TASMAC shop closure: CM Vijay orders closure of 717 liquor shops near schools, temples and bus stands</a><h2>Deepwater, ultra-deepwater get the biggest boost</h2>Under the revised policy, deepwater and ultra-deepwater fields under DSF and HELP regimes will attract zero royalty for the first seven years, a major concession aimed at attracting fresh capital into geographies that are expensive, risky and underexplored.After that, royalty remains concessional at just 5 per cent for deepwater and 2 per cent for ultra-deepwater blocks.Petroleum Minister Hardeep Singh Puri has framed the move as a structural correction, calling it a landmark step that removes long-standing inconsistencies and creates a more stable, investor-friendly upstream framework.The bigger pictureIndia still imports a significant share of its oil and gas needs, making the country deeply vulnerable to geopolitical instability. As global uncertainty grows, New Delhi appears to be sending a blunt signal: if imports become riskier, India wants its own wells working harder. &nbsp;

India has cut oil and gas royalty rates, including major incentives for deepwater drilling, making domestic exploration cheaper as West Asia turmoil rattles global energy markets. The big question: Is this just policy reform, or India’s bigger push to shield itself from import shocks? 

The Government of India, in a significant energy policy reset, has reduced the royalty rates on the production of crude oil and natural gas across multiple categories of fields, including deepwater and ultra-deepwater blocks. This comes as disruptions due to the West Asia conflict continue to disrupt global supply chains and fuel import concerns and as Prime Minister Narendra Modi urged Indians to reduce dependence on imported goods, cut fuel consumption, avoid unnecessary foreign exchange spending, and embrace "Vocal for Local." Also read | Pakistan two-timed Trump? Report REVEALS Islamabad quietly sheltered Iranian military aircraft while playing mediator in Iran war Royalty rates reduced The Centre has sharply reduced royalty rates on crude oil and natural gas production, in what is being seen as a direct push to boost domestic exploration at a time when global energy anxieties are intensifying. The revised framework, notified by the Ministry of Petroleum and Natural Gas on May 8, lowers effective royalty on onshore crude oil production to 10 per cent and offshore crude production to 8 per cent. For natural gas, royalty has been cut to 8 per cent through a new flat deduction formula that changes how "well head price" is calculated. In simpler terms, India is making it cheaper and more attractive for companies to drill at home, especially in technically difficult and expensive fields. Why now? The timing is hard to miss; on Monday (May 11), PM Modi urged Indians to avoid personal activities that incur expenditure in foreign exchange. He also advised people to use less petrol and diesel and use public transport more often. While Modi's message triggered panic, the broader message was that India wants to shield itself from external shocks by tightening domestic economic resilience, and energy is central to that strategy. Also read | Tamil Nadu TASMAC shop closure: CM Vijay orders closure of 717 liquor shops near schools, temples and bus stands Deepwater, ultra-deepwater get the biggest boost Under the revised policy, deepwater and ultra-deepwater fields under DSF and HELP regimes will attract zero royalty for the first seven years, a major concession aimed at attracting fresh capital into geographies that are expensive, risky and underexplored. After that, royalty remains concessional at just 5 per cent for deepwater and 2 per cent for ultra-deepwater blocks. Petroleum Minister Hardeep Singh Puri has framed the move as a structural correction, calling it a landmark step that removes long-standing inconsistencies and creates a more stable, investor-friendly upstream framework. The bigger picture India still imports a significant share of its oil and gas needs, making the country deeply vulnerable to geopolitical instability. As global uncertainty grows, New Delhi appears to be sending a blunt signal: if imports become riskier, India wants its own wells working harder.

India has cut oil and gas royalty rates, including major incentives for deepwater drilling, making domestic exploration cheaper as West Asia turmoil rattles global energy markets. The big question: Is this just policy reform, or India’s bigger push to shield itself from import shocks?&nbsp;

India cuts oil, gas royalty in major policy shift as Modi pushes ‘Vocal for Local’ amid West Asia crisis

When Donald Trump and Xi Jinping met on the sidelines of the APEC summit in Busan, South Korea, in October 2025, the immediate goal was simple: stop the relationship between the world’s two biggest economies from spiraling into a full-scale economic confrontation. The meeting, their first face-to-face interaction in six years, came after months of tariff threats, semiconductor restrictions, and rare earth export controls that had shaken global markets.&nbsp;The Busan summit produced what both sides called a temporary stabilisation. Trump agreed to pause new punitive tariffs and ease some pressure on Chinese imports, while Beijing signalled that it would restore purchases of American agricultural goods and soften restrictions on rare earth exports. Both countries also agreed to continue talks on fentanyl cooperation and high-tech trade controls. But the truce never fully resolved the deeper conflict.&nbsp;Since Busan, Washington, and Beijing have continued to clash over semiconductors, artificial intelligence, supply chains, and Taiwan. The United States maintained restrictions on advanced chip exports to China, arguing they were necessary for national security. China, in return, used its dominance over rare earth minerals as leverage, reminding Washington how dependent American technology and defence industries remain on Chinese supply chains.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-and-xi-aim-to-ease-trade-war-in-first-meeting-since-south-korea-summit-1778542696834">Trump and Xi aim to ease trade war in first meeting since South Korea summit</a>&nbsp;Taiwan has emerged as another major sticking point ahead of Wednesday’s summit in Beijing. China has grown increasingly frustrated with US military support and arms sales to Taiwan, while Washington insists its policy remains aimed at maintaining regional stability. Taiwanese officials themselves have expressed concerns about possible ‘surprises’ emerging from the Trump-Xi talks. Trade, however, remains the centerpiece of the relationship.&nbsp;Trump continues to push for what he calls ‘fair trade’, with his administration pressing China to buy more American soybeans, poultry, beef, and Boeing aircraft. Beijing, meanwhile, wants relief from US export controls, especially restrictions tied to semiconductors and advanced technology. There is also a larger geopolitical backdrop shaping the meeting. Since the Busan summit, tensions in the Middle East and the Iran conflict have changed the balance between the two powers. China’s dependence on oil flows through the Strait of Hormuz and America’s military commitments in the region have added new urgency to the relationship. Trump is expected to pressure Xi over China’s purchases of Iranian oil and Beijing’s broader ties with Tehran.&nbsp;<a href="https://www.wionews.com/videos/uk-prime-minister-keir-starmer-faces-pressure-amid-major-loss-in-local-elections-1778519265924/embed">https://www.wionews.com/videos/uk-prime-minister-keir-starmer-faces-pressure-amid-major-loss-in-local-elections-1778519265924/embed</a>&nbsp;Artificial intelligence and technology security are also expected to feature prominently during the summit. Analysts believe both countries are increasingly worried about cyber risks, AI competition, and the strategic race for technological dominance. What makes this summit particularly significant is that both leaders now see the relationship differently than they did in Busan. China enters the talks projecting confidence, believing it has strengthened its global standing economically and strategically. Trump, meanwhile, arrives looking for deals that can demonstrate economic wins back home while avoiding another destabilising trade war.&nbsp;That means Wednesday’s meeting is unlikely to produce a grand breakthrough. Instead, the focus may be on preventing fresh escalation, extending the tariff truce, and finding enough common ground to keep the US-China relationship from tipping back into open economic confrontation.

Ahead of the Trump-Xi Beijing summit, here’s how US-China relations evolved since the Busan summit in South Korea, including trade tensions, tariffs, Taiwan, rare earths, AI competition, and the biggest sticking points between Washington and Beijing

When Donald Trump and Xi Jinping met on the sidelines of the APEC summit in Busan, South Korea, in October 2025, the immediate goal was simple: stop the relationship between the world’s two biggest economies from spiraling into a full-scale economic confrontation. The meeting, their first face-to-face interaction in six years, came after months of tariff threats, semiconductor restrictions, and rare earth export controls that had shaken global markets. The Busan summit produced what both sides called a temporary stabilisation. Trump agreed to pause new punitive tariffs and ease some pressure on Chinese imports, while Beijing signalled that it would restore purchases of American agricultural goods and soften restrictions on rare earth exports. Both countries also agreed to continue talks on fentanyl cooperation and high-tech trade controls. But the truce never fully resolved the deeper conflict. Since Busan, Washington, and Beijing have continued to clash over semiconductors, artificial intelligence, supply chains, and Taiwan. The United States maintained restrictions on advanced chip exports to China, arguing they were necessary for national security. China, in return, used its dominance over rare earth minerals as leverage, reminding Washington how dependent American technology and defence industries remain on Chinese supply chains. Also Read: Trump and Xi aim to ease trade war in first meeting since South Korea summit Taiwan has emerged as another major sticking point ahead of Wednesday’s summit in Beijing. China has grown increasingly frustrated with US military support and arms sales to Taiwan, while Washington insists its policy remains aimed at maintaining regional stability. Taiwanese officials themselves have expressed concerns about possible ‘surprises’ emerging from the Trump-Xi talks. Trade, however, remains the centerpiece of the relationship. Trump continues to push for what he calls ‘fair trade’, with his administration pressing China to buy more American soybeans, poultry, beef, and Boeing aircraft. Beijing, meanwhile, wants relief from US export controls, especially restrictions tied to semiconductors and advanced technology. There is also a larger geopolitical backdrop shaping the meeting. Since the Busan summit, tensions in the Middle East and the Iran conflict have changed the balance between the two powers. China’s dependence on oil flows through the Strait of Hormuz and America’s military commitments in the region have added new urgency to the relationship. Trump is expected to pressure Xi over China’s purchases of Iranian oil and Beijing’s broader ties with Tehran. https://www.wionews.com/videos/uk-prime-minister-keir-starmer-faces-pressure-amid-major-loss-in-local-elections-1778519265924/embed Artificial intelligence and technology security are also expected to feature prominently during the summit. Analysts believe both countries are increasingly worried about cyber risks, AI competition, and the strategic race for technological dominance. What makes this summit particularly significant is that both leaders now see the relationship differently than they did in Busan. China enters the talks projecting confidence, believing it has strengthened its global standing economically and strategically. Trump, meanwhile, arrives looking for deals that can demonstrate economic wins back home while avoiding another destabilising trade war. That means Wednesday’s meeting is unlikely to produce a grand breakthrough. Instead, the focus may be on preventing fresh escalation, extending the tariff truce, and finding enough common ground to keep the US-China relationship from tipping back into open economic confrontation.

From Busan to Beijing, Donald Trump and Xi Jinping face fresh tensions over tariffs, Taiwan, AI, rare earths, and global trade dominance

Trump-Xi 2.0: Trade peace or temporary pause? Can Beijing and Washington avoid another trade shock?

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions, offering a different approach compared to traditional smartwatches.The Fitbit Air is designed for 24/7 wear and aims to function as a long-term health companion rather than a notification-based device. According to the company, the wearable is built to deliver accurate data while keeping the user experience simple.&nbsp;<h2>Screenless design with focus on health tracking</h2>The Fitbit Air comes with a compact and lightweight design, making it suitable for continuous use. It is around 25 per cent smaller than Fitbit Luxe and 50 per cent smaller than Inspire 3, according to Google.The company has removed the screen to reduce distractions and encourage users to focus on overall wellness instead of constantly checking stats. Despite its simple design, the device includes several advanced health features such as heart rate monitoring, heart rhythm tracking with atrial fibrillation alerts, blood oxygen levels, sleep tracking and heart rate variability.<h2>AI-powered Health app replaces Fitbit app</h2>Alongside the wearable, Google has launched a new Health app that replaces the earlier Fitbit app. The app includes an AI-based health coach that provides personalised recommendations based on user data.The system can also analyse images of gym equipment or workout routines to log activities. This feature is aimed at simplifying fitness tracking by reducing manual input and improving accuracy over time.<h2>Smart tracking and battery performance</h2>The Fitbit Air supports automatic workout detection using machine learning. This allows the device to learn from user behaviour and improve tracking accuracy over time.The wearable offers up to one week of battery life, with fast charging that can provide a full day’s usage in about five minutes. It is also compatible with both Android and iOS devices, making it accessible to a wider range of users.<h2>Price and availability details</h2>The Fitbit Air is priced at $99.99 (around Rs 9,400) and is available for pre-order globally. The official sale is expected to begin on May 26.Buyers will also receive a three-month trial of Google Health Premium, which includes access to advanced health insights and coaching features.<h2>What this means for wearable technology</h2>The launch of Fitbit Air reflects a shift in wearable devices towards simpler and more focused designs. Instead of adding more features and screens, companies are now exploring ways to improve long-term health tracking with minimal distractions.By combining continuous monitoring with AI-based insights, Google is positioning Fitbit Air as a device that supports everyday wellness rather than just fitness tracking.&nbsp;&nbsp;&nbsp;

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions.

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions, offering a different approach compared to traditional smartwatches. The Fitbit Air is designed for 24/7 wear and aims to function as a long-term health companion rather than a notification-based device. According to the company, the wearable is built to deliver accurate data while keeping the user experience simple. Screenless design with focus on health tracking The Fitbit Air comes with a compact and lightweight design, making it suitable for continuous use. It is around 25 per cent smaller than Fitbit Luxe and 50 per cent smaller than Inspire 3, according to Google. The company has removed the screen to reduce distractions and encourage users to focus on overall wellness instead of constantly checking stats. Despite its simple design, the device includes several advanced health features such as heart rate monitoring, heart rhythm tracking with atrial fibrillation alerts, blood oxygen levels, sleep tracking and heart rate variability. AI-powered Health app replaces Fitbit app Alongside the wearable, Google has launched a new Health app that replaces the earlier Fitbit app. The app includes an AI-based health coach that provides personalised recommendations based on user data. The system can also analyse images of gym equipment or workout routines to log activities. This feature is aimed at simplifying fitness tracking by reducing manual input and improving accuracy over time. Smart tracking and battery performance The Fitbit Air supports automatic workout detection using machine learning. This allows the device to learn from user behaviour and improve tracking accuracy over time. The wearable offers up to one week of battery life, with fast charging that can provide a full day’s usage in about five minutes. It is also compatible with both Android and iOS devices, making it accessible to a wider range of users. Price and availability details The Fitbit Air is priced at $99.99 (around Rs 9,400) and is available for pre-order globally. The official sale is expected to begin on May 26. Buyers will also receive a three-month trial of Google Health Premium, which includes access to advanced health insights and coaching features. What this means for wearable technology The launch of Fitbit Air reflects a shift in wearable devices towards simpler and more focused designs. Instead of adding more features and screens, companies are now exploring ways to improve long-term health tracking with minimal distractions. By combining continuous monitoring with AI-based insights, Google is positioning Fitbit Air as a device that supports everyday wellness rather than just fitness tracking.

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions.

Google enters screenless wearables market: Key details about Fitbit Air

Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks.However, cybersecurity experts say that the capabilities highlighted by Mythos are not entirely new. According to researchers, similar results can already be achieved using existing AI models, including those from Anthropic and OpenAI.&nbsp;<h2>What Mythos revealed about cybersecurity risks</h2>Mythos gained attention because of its ability to detect large numbers of vulnerabilities in software systems. Some of these issues had remained unnoticed for years, raising concerns about how widely such flaws may exist.The model was released in a limited way to selected organisations, including major companies, to reduce the risk of misuse. This controlled rollout reflects the sensitivity of tools that can identify weaknesses in critical systems.&nbsp;<h2>Experts say similar capabilities already exist</h2>Despite the attention around Mythos, researchers say that the ability to detect vulnerabilities at scale has been possible for some time.Cybersecurity firms have shown that by using a method known as orchestration, multiple AI models can work together to analyse code and find similar vulnerabilities. In tests, older models from both Anthropic and OpenAI were able to detect many of the same issues identified by Mythos.Experts note that this suggests the main difference is not just the model itself, but how effectively tools are combined and used.&nbsp;<h2>What are ‘zero-day’ vulnerabilities</h2>One of the key concerns in cybersecurity is the detection of “zero-day” vulnerabilities. These are flaws in software that are unknown to developers and have not yet been fixed.Such vulnerabilities can be exploited by attackers before patches are released, making them particularly risky. Researchers say current AI tools are already capable of identifying these weaknesses, which adds to concerns about how quickly they can be used.&nbsp;Growing concern among governments and companiesThe release of Mythos has increased discussions around cybersecurity risks at the highest levels. Reports indicate that policymakers and industry leaders are considering stronger oversight of advanced AI systems.At the same time, organisations are concerned about the balance between detecting vulnerabilities and fixing them. While AI can identify issues quickly, addressing them still requires time and human effort.<h2>Offence may have an early advantage</h2>Experts suggest that the current situation may favour attackers in the short term. While AI tools can help defenders identify risks, they also make it easier for malicious actors to discover and exploit vulnerabilities.Cybersecurity professionals note that hackers already have the skills needed to use such techniques, and AI could reduce the time required to carry out attacks. This could lead to an increase in the number of attempts on systems that were previously not targeted.<h2>Challenges in fixing vulnerabilities</h2>Even before AI tools became widely available, organisations faced challenges in managing software vulnerabilities. Fixing issues often requires testing, updates and sometimes taking systems offline, which can be complex and time-consuming.Experts say that while AI has increased the number of vulnerabilities being identified, tools to fix them automatically are still limited. This creates a gap between detection and resolution.<h2>What this means for the future</h2>The discussion around Mythos highlights a broader trend in cybersecurity. AI is making it easier to identify risks, but it is also raising new challenges in how those risks are managed.Experts believe that collaboration between companies, governments and researchers will be important in addressing these issues. As AI tools continue to improve, the focus will likely shift towards building systems that can not only detect vulnerabilities but also help fix them efficiently.For now, the key takeaway is that the cybersecurity risks linked to AI are not entirely new, but they are becoming more visible and more urgent to address.&nbsp;

Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks.


Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks. However, cybersecurity experts say that the capabilities highlighted by Mythos are not entirely new. According to researchers, similar results can already be achieved using existing AI models, including those from Anthropic and OpenAI. What Mythos revealed about cybersecurity risks Mythos gained attention because of its ability to detect large numbers of vulnerabilities in software systems. Some of these issues had remained unnoticed for years, raising concerns about how widely such flaws may exist. The model was released in a limited way to selected organisations, including major companies, to reduce the risk of misuse. This controlled rollout reflects the sensitivity of tools that can identify weaknesses in critical systems. Experts say similar capabilities already exist Despite the attention around Mythos, researchers say that the ability to detect vulnerabilities at scale has been possible for some time. Cybersecurity firms have shown that by using a method known as orchestration, multiple AI models can work together to analyse code and find similar vulnerabilities. In tests, older models from both Anthropic and OpenAI were able to detect many of the same issues identified by Mythos. Experts note that this suggests the main difference is not just the model itself, but how effectively tools are combined and used. What are ‘zero-day’ vulnerabilities One of the key concerns in cybersecurity is the detection of “zero-day” vulnerabilities. These are flaws in software that are unknown to developers and have not yet been fixed. Such vulnerabilities can be exploited by attackers before patches are released, making them particularly risky. Researchers say current AI tools are already capable of identifying these weaknesses, which adds to concerns about how quickly they can be used. Growing concern among governments and companies The release of Mythos has increased discussions around cybersecurity risks at the highest levels. Reports indicate that policymakers and industry leaders are considering stronger oversight of advanced AI systems. At the same time, organisations are concerned about the balance between detecting vulnerabilities and fixing them. While AI can identify issues quickly, addressing them still requires time and human effort. Offence may have an early advantage Experts suggest that the current situation may favour attackers in the short term. While AI tools can help defenders identify risks, they also make it easier for malicious actors to discover and exploit vulnerabilities. Cybersecurity professionals note that hackers already have the skills needed to use such techniques, and AI could reduce the time required to carry out attacks. This could lead to an increase in the number of attempts on systems that were previously not targeted. Challenges in fixing vulnerabilities Even before AI tools became widely available, organisations faced challenges in managing software vulnerabilities. Fixing issues often requires testing, updates and sometimes taking systems offline, which can be complex and time-consuming. Experts say that while AI has increased the number of vulnerabilities being identified, tools to fix them automatically are still limited. This creates a gap between detection and resolution. What this means for the future The discussion around Mythos highlights a broader trend in cybersecurity. AI is making it easier to identify risks, but it is also raising new challenges in how those risks are managed. Experts believe that collaboration between companies, governments and researchers will be important in addressing these issues. As AI tools continue to improve, the focus will likely shift towards building systems that can not only detect vulnerabilities but also help fix them efficiently. For now, the key takeaway is that the cybersecurity risks linked to AI are not entirely new, but they are becoming more visible and more urgent to address.

Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks.

‘AI cyber risk’: Why existing AI models are already powerful

India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026, the minister said that smartphones have now become the largest exported item from India, highlighting the growing role of electronics in the economy.&nbsp;He noted that traditional export items such as diesel, gems and jewellery, textiles and engineering goods have long dominated India’s exports, but the situation is now changing. The rise of electronics exports reflects increased manufacturing capacity and integration with global supply chains.<h2>Shift in India’s export landscape</h2>According to the minister, India exported around Rs 30,000 crore worth of electronics components to neighbouring countries in the last financial year. This marks a notable change, as the country moves from being largely dependent on imports in this sector to becoming an exporter.Vaishnaw said that electronics is now among the top three export categories and is expected to grow further in the coming years. This growth is linked to increasing investments and policy support aimed at strengthening domestic manufacturing.&nbsp;<h2>Expansion of manufacturing capacity</h2>The minister highlighted that there are currently 71 manufacturing facilities for electronics components across India. Many of these units are in advanced stages of development and are expected to support both domestic demand and exports.He added that several components will soon meet 100 per cent of domestic demand, while Indian companies are also expected to become part of global value chains. The focus, he said, is on improving quality standards through methods such as Six Sigma and lean manufacturing to ensure long-term competitiveness.<h2>Progress in semiconductor and new technologies</h2>On semiconductor manufacturing, Vaishnaw said that two factories are already in commercial production, while a third is expected to begin operations in July and a fourth later in the year.He also pointed to opportunities in emerging technologies such as micro LED displays. According to him, India could begin production of micro LED screens within the next 22 months, positioning itself in a developing segment of the electronics industry.&nbsp;<h2>Railways infrastructure sees major growth</h2>The minister also spoke about developments in railway infrastructure. Capital expenditure in the sector has increased from about Rs 66,000 crore a few years ago to nearly Rs 2,72,000 crore in the last financial year.He said that around 49,000 kilometres of railway tracks have been electrified and 36,000 kilometres of new tracks have been added. These improvements are expected to reduce travel time significantly across major routes.<h2>Impact on travel patterns</h2>With faster trains, the minister said that passengers may increasingly prefer rail travel over air travel on certain routes. For example, travel time between Bengaluru and Chennai is expected to reduce to about 78 minutes, while Delhi to Varanasi could take around 3 hours and 50 minutes.He added that such improvements could change travel patterns, with railways becoming a more preferred option for short and medium distances.<h2>What this means for India</h2>The rise of electronics exports alongside improvements in infrastructure reflects broader economic changes. Increased manufacturing, better connectivity and new technologies are contributing to this shift.As India continues to expand its capabilities in electronics and transportation, these developments may play an important role in shaping long-term economic growth and global competitiveness.&nbsp;&nbsp;

India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026.


India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026, the minister said that smartphones have now become the largest exported item from India, highlighting the growing role of electronics in the economy. He noted that traditional export items such as diesel, gems and jewellery, textiles and engineering goods have long dominated India’s exports, but the situation is now changing. The rise of electronics exports reflects increased manufacturing capacity and integration with global supply chains. Shift in India’s export landscape According to the minister, India exported around Rs 30,000 crore worth of electronics components to neighbouring countries in the last financial year. This marks a notable change, as the country moves from being largely dependent on imports in this sector to becoming an exporter. Vaishnaw said that electronics is now among the top three export categories and is expected to grow further in the coming years. This growth is linked to increasing investments and policy support aimed at strengthening domestic manufacturing. Expansion of manufacturing capacity The minister highlighted that there are currently 71 manufacturing facilities for electronics components across India. Many of these units are in advanced stages of development and are expected to support both domestic demand and exports. He added that several components will soon meet 100 per cent of domestic demand, while Indian companies are also expected to become part of global value chains. The focus, he said, is on improving quality standards through methods such as Six Sigma and lean manufacturing to ensure long-term competitiveness. Progress in semiconductor and new technologies On semiconductor manufacturing, Vaishnaw said that two factories are already in commercial production, while a third is expected to begin operations in July and a fourth later in the year. He also pointed to opportunities in emerging technologies such as micro LED displays. According to him, India could begin production of micro LED screens within the next 22 months, positioning itself in a developing segment of the electronics industry. Railways infrastructure sees major growth The minister also spoke about developments in railway infrastructure. Capital expenditure in the sector has increased from about Rs 66,000 crore a few years ago to nearly Rs 2,72,000 crore in the last financial year. He said that around 49,000 kilometres of railway tracks have been electrified and 36,000 kilometres of new tracks have been added. These improvements are expected to reduce travel time significantly across major routes. Impact on travel patterns With faster trains, the minister said that passengers may increasingly prefer rail travel over air travel on certain routes. For example, travel time between Bengaluru and Chennai is expected to reduce to about 78 minutes, while Delhi to Varanasi could take around 3 hours and 50 minutes. He added that such improvements could change travel patterns, with railways becoming a more preferred option for short and medium distances. What this means for India The rise of electronics exports alongside improvements in infrastructure reflects broader economic changes. Increased manufacturing, better connectivity and new technologies are contributing to this shift. As India continues to expand its capabilities in electronics and transportation, these developments may play an important role in shaping long-term economic growth and global competitiveness.

India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026.

‘Smartphones lead exports’: What’s driving India’s electronics growth

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations. Instead, it is now centred around exclusivity, seamless planning and discreet travel arrangements.Travel experts say this transformation reflects a broader global trend, where high-net-worth individuals are choosing experiences that are tailored to their personal needs rather than standard luxury packages. Companies like TRAVELOSEI are playing a growing role in shaping this new approach to elite travel in India.

Travel experts say this transformation reflects a broader global trend

<h2>Privacy and exclusivity becoming key priorities</h2>One of the biggest changes in luxury travel is the growing importance of privacy. Wealthy travellers are moving away from crowded tourist destinations and choosing private villas, remote islands and members-only resorts.Luxury travel advisers note that clients, especially public figures and business leaders, now prioritise secure and discreet environments. Many high-end properties offer private entrances, dedicated staff and restricted access areas to ensure guests can travel without public attention. This shift highlights how privacy has become a central part of modern luxury travel.<h2>Private aviation remains a preferred choice</h2>Private aviation continues to play a major role in elite travel. Private jets are widely preferred by billionaires, CEOs and royal families because they offer flexible schedules, direct routes and a higher level of comfort.Industry reports indicate that demand for private charter services remains strong even after global travel recovery. For many travellers, private aviation is not just about luxury but also about saving time and maintaining confidentiality during travel.<h2>Personalised travel replacing standard itineraries</h2>Another key trend is the move towards personalised travel experiences. According to TRAVELOSEI founder Mr Shariq, elite travellers are now choosing customised itineraries that match their personal interests. These journeys are often designed around fine dining, cultural experiences, wellness activities or adventure. Instead of following fixed schedules, travellers prefer flexible plans that align with their routines, dietary preferences and family needs. This shift shows how personalisation is becoming a defining feature of luxury travel.<h2>Wellness tourism gaining popularity</h2>Wellness-focused travel is also seeing strong growth among wealthy individuals and senior executives. Luxury resorts in destinations such as India, Thailand and the Maldives are offering programmes centred on mental health, fitness, sleep therapy and medical recovery.These retreats combine privacy with specialised services, making them attractive for travellers seeking both relaxation and health benefits. Longer stays focused on well-being are becoming more common as people look for more meaningful travel experiences.<h2>Security planning becomes part of travel</h2>Security has become an important part of luxury travel planning. Travel companies note that high-profile clients often arrange private security, confidential transfers and carefully selected accommodation well in advance. Hotels catering to elite guests now provide features such as private beach access, restricted floors and non-disclosure agreements. These measures ensure that travellers can maintain privacy while also addressing safety concerns.<h2>Exclusive experiences over traditional tourism</h2>Luxury travellers are increasingly focusing on rare and unique experiences rather than standard sightseeing. This includes activities such as Arctic expeditions, private access to meditation spaces in the Himalayas and curated cultural events.Experts say that exclusivity and authenticity are now more valuable than traditional luxury. Travellers are willing to spend more on experiences that are not easily accessible to the general public, reflecting a shift in how luxury is defined.<h2>What this means for the future of travel</h2>The evolution of luxury travel shows a move towards more thoughtful and personalised journeys. Privacy, flexibility and exclusive access are becoming the key factors shaping decisions.As companies continue to adapt to these changing preferences, luxury travel is likely to focus more on individual experiences rather than standard offerings, redefining how high-end tourism operates globally.&nbsp;

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations. 

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations. Instead, it is now centred around exclusivity, seamless planning and discreet travel arrangements. Travel experts say this transformation reflects a broader global trend, where high-net-worth individuals are choosing experiences that are tailored to their personal needs rather than standard luxury packages. Companies like TRAVELOSEI are playing a growing role in shaping this new approach to elite travel in India.

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations.&nbsp;

‘Travel Secrets of the World’s Elites’: How global icons, CEOs, and royals plan holidays

Prime Minister Narendra Modi on Sunday directed people to help the nation conserve petrol, diesel and foreign exchange reserves by using public transport, avoiding unnecessary foreign travel and the use of non-essential gold purchases. PM Modi's appeal came while addressing a BJP rally in Hyderabad as US President Donald Trump rejected the latest peace proposals of Iran, resulting in rise of a global crude oil prices to more than $105 a barrel and intensifying concerns over inflation and energy security worldwide. The escalating tension in West Asia has kept the Strait of Hormuz, one of the world’s most critical oil shipping routes, disrupted for weeks, prompting fears of a prolonged crisis in the supply chain.<h3>Why does PM Modi appeals citizens to avoid buying gold?</h3>PM Modi on Sunday also appealed to citizens to avoid buying gold for at least one year, claiming that gold imports put additional pressure on India’s foreign exchange reserves amid a global crisis. India is one of the largest importers of gold in the world, where its demand rises exponentially during weddings and festive seasons.&nbsp;India consumes an estimated 700 to 800 tonnes of gold annually, accounting for nearly 9 per cent of its total import bill, after crude oil. The rise in gold demand led to the import of the item in large amounts, which put pressure on India's currency as it increased dollar outflow and widened the country’s import bill.<h3>How does gold affect India's economy?</h3>As we know, gold influences the strength of a currency. When a large amount of gold is imported, it increases dollar demand and weakens the Indian currency, as gold shapes money in more ways than most people think of it. Gold in India is considered a cultural symbol, a store of value and a silent indicator of economic stability.&nbsp;&nbsp;The best part of the item is that, despite modern economies which run on digital systems and complex policies, gold still decides how strong or weak a currency is. The import behaviour of gold directly affects the currency. When gold prices rise at the global level, the import bill of the item rises too, increasing the outflow of foreign exchange money from the country. If this outflow grows and exceeds more than required, it can put heavy pressure on the currency and may lead to depreciation.<h3>Here are some of the major areas impacted by rising gold imports in India:</h3><h3>1. Huge Drain on Foreign Exchange Reserves</h3>India is the world’s second-largest consumer of gold, yet it depends almost entirely on imports to meet demand. Since gold purchases are made in US dollars, large-scale imports lead to a significant outflow of foreign currency. The issue has become more significant as India’s foreign exchange reserves, which had risen close to $728.49 billion, have experienced volatility and declined toward the $690.69 billion mark due to increasing import costs and currency-related pressures. A weaker rupee further raises the domestic cost of imports, particularly crude oil and gold, increasing the country’s external economic vulnerabilities. Every increase in gold imports puts additional pressure on the Reserve Bank of India’s foreign exchange reserves, which are also required for critical imports such as crude oil.<h3>2. Increasing Pressure on the Indian Rupee</h3>Strong demand for US dollars to finance gold imports has added strain on the Indian rupee, which has fallen to historic lows. As of May 11, 2026, the rupee was trading near Rs 95.25 against the US dollar. To import gold, Indian buyers exchange rupees for dollars, increasing the supply of rupees in the market and weakening their value. A weaker rupee raises the cost of other imported goods, including fuel, electronics, and medicines. Over the past few years, the rupee has depreciated significantly—from around Rs 74–75 per dollar in 2021 to below Rs 95 in 2026, marking a decline of nearly 27–28 per cent. The pressure has intensified amid rising crude oil prices, tensions in the Middle East, and higher dollar outflows linked to imports and uncertainty over global energy supply routes.<h3>3. Trade and Current Account Deficit (CAD)</h3>A trade deficit occurs when a country’s imports exceed the value of its exports. In FY26, India’s trade deficit climbed to $333.2 billion. The Reserve Bank of India (RBI)'s data indicates that India's CAD stood at $13.2 billion, or 1.3 per cent of GDP, in the October-December quarter of FY26, compared to $11.5 billion in the last quarter. Precious metals such as gold and silver now make up over 5 per cent of the country’s total imports. By reducing gold purchases, the government aims to shrink this deficit, which could help stabilise and strengthen the Indian rupee.&nbsp;Also read:<a href="https://www.wionews.com/india-news/watch-pm-modi-attends-thrilling-iaf-surya-kiran-airshow-at-somnath-temple-celebrations-1778482456792"> WATCH: PM Modi attends thrilling IAF Surya Kiran airshow at Somnath Temple celebrations</a>

PM Modi has urged citizens to avoid gold purchases and unnecessary travel to protect foreign reserves. High gold demand drains dollars, weakens the Rupee, and widens the trade deficit, threatening economic stability.

Prime Minister Narendra Modi on Sunday directed people to help the nation conserve petrol, diesel and foreign exchange reserves by using public transport, avoiding unnecessary foreign travel and the use of non-essential gold purchases. PM Modi's appeal came while addressing a BJP rally in Hyderabad as US President Donald Trump rejected the latest peace proposals of Iran, resulting in rise of a global crude oil prices to more than $105 a barrel and intensifying concerns over inflation and energy security worldwide. The escalating tension in West Asia has kept the Strait of Hormuz, one of the world’s most critical oil shipping routes, disrupted for weeks, prompting fears of a prolonged crisis in the supply chain. Why does PM Modi appeals citizens to avoid buying gold? PM Modi on Sunday also appealed to citizens to avoid buying gold for at least one year, claiming that gold imports put additional pressure on India’s foreign exchange reserves amid a global crisis. India is one of the largest importers of gold in the world, where its demand rises exponentially during weddings and festive seasons. India consumes an estimated 700 to 800 tonnes of gold annually, accounting for nearly 9 per cent of its total import bill, after crude oil. The rise in gold demand led to the import of the item in large amounts, which put pressure on India's currency as it increased dollar outflow and widened the country’s import bill. How does gold affect India's economy? As we know, gold influences the strength of a currency. When a large amount of gold is imported, it increases dollar demand and weakens the Indian currency, as gold shapes money in more ways than most people think of it. Gold in India is considered a cultural symbol, a store of value and a silent indicator of economic stability. The best part of the item is that, despite modern economies which run on digital systems and complex policies, gold still decides how strong or weak a currency is. The import behaviour of gold directly affects the currency. When gold prices rise at the global level, the import bill of the item rises too, increasing the outflow of foreign exchange money from the country. If this outflow grows and exceeds more than required, it can put heavy pressure on the currency and may lead to depreciation. Here are some of the major areas impacted by rising gold imports in India: 1. Huge Drain on Foreign Exchange Reserves India is the world’s second-largest consumer of gold, yet it depends almost entirely on imports to meet demand. Since gold purchases are made in US dollars, large-scale imports lead to a significant outflow of foreign currency. The issue has become more significant as India’s foreign exchange reserves, which had risen close to $728.49 billion, have experienced volatility and declined toward the $690.69 billion mark due to increasing import costs and currency-related pressures. A weaker rupee further raises the domestic cost of imports, particularly crude oil and gold, increasing the country’s external economic vulnerabilities. Every increase in gold imports puts additional pressure on the Reserve Bank of India’s foreign exchange reserves, which are also required for critical imports such as crude oil. 2. Increasing Pressure on the Indian Rupee Strong demand for US dollars to finance gold imports has added strain on the Indian rupee, which has fallen to historic lows. As of May 11, 2026, the rupee was trading near Rs 95.25 against the US dollar. To import gold, Indian buyers exchange rupees for dollars, increasing the supply of rupees in the market and weakening their value. A weaker rupee raises the cost of other imported goods, including fuel, electronics, and medicines. Over the past few years, the rupee has depreciated significantly—from around Rs 74–75 per dollar in 2021 to below Rs 95 in 2026, marking a decline of nearly 27–28 per cent. The pressure has intensified amid rising crude oil prices, tensions in the Middle East, and higher dollar outflows linked to imports and uncertainty over global energy supply routes. 3. Trade and Current Account Deficit (CAD) A trade deficit occurs when a country’s imports exceed the value of its exports. In FY26, India’s trade deficit climbed to $333.2 billion. The Reserve Bank of India (RBI)'s data indicates that India's CAD stood at $13.2 billion, or 1.3 per cent of GDP, in the October-December quarter of FY26, compared to $11.5 billion in the last quarter. Precious metals such as gold and silver now make up over 5 per cent of the country’s total imports. By reducing gold purchases, the government aims to shrink this deficit, which could help stabilise and strengthen the Indian rupee. Also read: WATCH: PM Modi attends thrilling IAF Surya Kiran airshow at Somnath Temple celebrations

PM Modi has urged citizens to avoid gold purchases and unnecessary travel to protect foreign reserves. High gold demand drains dollars, weakens the Rupee, and widens the trade deficit, threatening economic stability.

Why PM Modi asked Indians not to buy gold for a year? WION explains